Arbitration is a mode of dispute resolution which is gaining popularity day by day. There is a rise in disputes but people are not very keen on taking all the matters to the courts because generally if an issue of dispute is taken to courts then lot of time is lost. Today more and more people prefer to arbitrate and resolve their disputes.
Arbitration is one of the preferred modes of dispute resolution today. It is due to the fact that it is less time consuming as compared to approaching the courts for relief. The courts take a long time in resolution of disputes and many a times even after a significant amount of money is spent the ultimate decision of the court might not favor both parties equally. But in arbitration this is not the case. Both the parties get a fair chance to present their stand.
Arbitration - The decision, by a private person, of a controversy submitted to him by disputants who have agreed to accept this decision as a final determination of their claims. In many states, it is governed by statutes.
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Concerns over costs and delays in litigation procedures together with the increasing globalization of the modern business world have led to the development of more flexible means of resolving disputes which provide alternatives to the Court based litigation governed by the law and procedure of a particular state or country. There are different categories of Dispute resolution Processes, such as
Arbitration developed initially very much as a true alternative to litigation.
A domestic arbitration takes place between parties of the same jurisdiction, whilst an international arbitration in some way transcends national boundaries. In deciding whether a dispute is international, two criteria may be employed, such as nature of the dispute, alternatively the nationality or place of business of the parties.
There are number of international arbitration bodies, such as the International Chamber Commerce (ICC) and the London Court of International Arbitration (ICIA), Singapore International Arbitration Center (SIAC) which aim to administer international, rather than domestic arbitration.
In India, the Indian Council of Arbitration established in 1965 is the apex arbitrating organization at the national level. The main objective of the Council is to promote the amicable and quick settlement of industrial and trade disputes by arbitration. The Government of India, the Federation of Indian Chambers of Commerce and Industry, the other important Chambers of Commerce and trade associations in India as well as export promotion councils, public sector undertakings, companies and firms are in its membership. The Indian Council of Arbitration (ICA) being a specialized arbitration Institution provides arbitration facilities for all types of domestic and International commercial disputes.