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What do you understand by Arbitration? What are the objectives of the Arbitration Act? What are the essentials for Arbitration Agreement?

What do you understand by Arbitration? What are the objectives of the Arbitration Act? What are the essentials for Arbitration Agreement?

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Published by sunnykapoor7
What do you understand by Arbitration? What are the objectives of the Arbitration Act? What are the essentials for Arbitration Agreement?
What do you understand by Arbitration? What are the objectives of the Arbitration Act? What are the essentials for Arbitration Agreement?

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Published by: sunnykapoor7 on May 05, 2010
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12/12/2012

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1.What do you understand by Arbitration? What are the objectives of theArbitration Act? What are the essentials for Arbitration Agreement?Ans. Arbitration
, a form of alternative dispute resolution(ADR), is alegaltechnique for  the resolution of disputesoutside thecourts, wherein the parties to a dispute refer it to one or more persons (the "arbitrators", "arbiters" or "arbitral tribunal"), by whosedecision (the "award") they agree to be bound. It is a settlement technique in which athird party reviews the case and imposes a decision that is legally binding for both sides.
Other forms of ADR includemediation
 (a form of settlement negotiation facilitated by a neutral third party) and non-binding resolution by experts. It is more helpful,however, simply to classify arbitration as a form of binding dispute resolution, equivalenttolitigationin the courts, and entirely distinct from the other forms of dispute resolution,such asnegotiation,mediation, or determinations by experts, which are usually non-  binding. Arbitration is most commonly used for the resolution of commercialdisputes, particularly in the context of international commercial transactions. The use of arbitrationis far more controversial in consumer and employment matters, where arbitration is notvoluntary but is instead imposed on consumers or employees through fine-print contracts,denying individuals of their right to access the courts.Arbitration can be either voluntary or mandatory and can be either binding or non- binding. Non-binding arbitration is, on the surface, similar to mediation. However, the principal distinction is that whereas a mediator will try to help the parties find a middleground on which to compromise, the (non-binding) arbitrator remains totally removedfrom the settlement process and will only give a determination of liability and, if appropriate, an indication of the quantum of damages payable.
Objectives of the act:-
To comprehensively cover domestic and international arbitration and conciliation
To ensure that arbitral award is enforced in similar manner as decree of the court
To ensure that settlement agreements of parties will have the same status as thatof awards or decrees.
To ensure that supervisory and intervensionary rules of the courts are minimized
To make provision for an arbitral procedure which is fair, efficient and capable of meeting the needs of the specific arbitration.
To ensure that the arbitral tribunal remains within limits of the jurisdiction.
To permit an arbitral tribunal to use meditation, conciliation or other proceduresduring the arbitral proceedings to encourage settlement of disputes.
To provide that the settlement agreement reached by the parties as a result of conciliation proceedings will have the same status and effect as an arbitral awardon agreed terms on the substance of the dispute rendered by an arbitral tribunal.
To provide that, for purposes of enforcement of foreign awards, every arbitralaward made in the country to which one of the two international conventionsrelating to the foreign arbitral awards to which India is a party applies, will betreated as a foreign award.

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