 Introduction

 Historical background of arbitration

 What is arbitration
 Kinds of arbitration
o Domestic arbitration
o International arbitration
o International commercial arbitration
o Ad-hoc Arbitration
o Fast track Arbitration
o Institutional Arbitration
 Advantages of arbitration in India
 Conclusion.
We often hear a plethora of complaints by the petitioners or the plaintiff of a
particular case. The legal fees charged were exorbitantly high, the dispute was
resolved after a number of hearings, or that the verdict did not provide them with
the appropriate remedy. But with the advent of alternative dispute resolution, we
can observe a significant decrease in such complaints. Arbitration can especially
be seen as a recent trend in commercial contracts and disputes.

An increase in foreign trade has resulted in a subsequent increase in cross-border

disputes giving rise to a need for an effective form of dispute resolution.
Arbitration has emerged as a way to preserve the relationships between two
companies and resolve a dispute amicably.  A recent judgment given by the
Supreme Court in the case of Amazon v Future Retail Limited, 2021 garnered
attention to the parties opting for arbitration to resolve the dispute. But what is
arbitration? Is it more time-efficient and cost-saving as compared to the traditional
courts? What are the different types of arbitration prevalent and what is their
significance? The questions will be answered in the course of the article. 

In recent years, there has been an unprecedented increase in foreign dealings

and contracts, resulting in a surge in international arbitration disputes. India is
not a socialist economic nation. It is adapting to the changing times, and
judgments like BALCO are demonstrating to the rest of the world that parties
can enter into arbitration without fear of being subjected to inconvenient
traditional procedures. Arbitration has now time by time proved its brilliant
efficacy to settle cases and disputes and India has enacted legislation that is
effective. It is now necessary to instil a culture of arbitration among the bar, the
judiciary, and the arbitral community. The weight of the past must be
eliminated so that India may offer an appealing arbitration procedure which
would be fruitful and beneficial as well as less time consuming to all those
desperately in faster need of justice. It has been long due for India to reduce its
necessary burden on courts and apply more Alternative Dispute Resolutions
tactics like Arbitration, which has been eager to demonstrate its abundant
usefulness on the land of Indian Law, and with its wealth, it will be around to
dwell and flourish.