Arbitration@ LEX SOLVIS
Dispute settlement is a primary feature of any legal system and one of the major requisites of a peaceful society is that the resolution of issuesshould be settled through more win – win processes.
Arbitration is the most important part of Alternative Dispute Resolution Mechanism and the most effective and efficient remedy for settling the disputes among the parties, which does not require any lengthy procedure to follow and takes very less time to resolve the matter at an affordable cost in comparison with the other judicial processes before the Court or Tribunal. It is the most comprehensive and cooperative way for resolving disputes arising from the domestic and international commercial relationships whereby the parties mutually agrees to reconcile the dispute by entering into an agreement.The parties have an option to incorporate the separate agreement or as a clause within the contract defined as “Arbitration Clause”which binds a party to a type of resolution outside the court.
Now a days, ARBITRATION IS PREFERRED OVER LITIGATIONin COMMERCIAL MATTERSas it is the most effective and efficient remedy for settling the disputes among the parties if they have contract with respect to same and it does not require any lengthy procedure compared to court procedures and it is less time consuming and more cost effective to resolve the matter According to the nature of the case, the parties have an option to choose their own arbitrator depending upon the abilities to decide the case as per their expertise.LEXSOLVIShas the specialization in handling & conduct arbitration proceedings on behalf of its clients.
The arbitration & Conciliation Act provides:
- (Section 11)Appointment of Arbitrators: - The Act provides that parties are given liberty to choose their own arbitrator. Even though if the parties fail to decide the appointment of an arbitrator then in that case the Chief Justice of the High Court for domestic arbitration and the Chief Justice of the Supreme Court of India for International Commercial Arbitration are approached for the same.
- (Section 9) & (Section 17) Grant of Interim Reliefs:- The act provides for making of orders interim relief in respect to the arbitration. The parties can move to the Court before the commencement of the arbitral proceedings or after making the arbitral award but before it is enforced as per section 36 of the Act. With respect to the Section 17 of the Act, at the request of the party, the Arbitral tribunal may order the other party to take interim measures as it may deem necessary in respect to the subject matter of the dispute.
- (Section 34)Finality of an arbitral award:- An arbitral award is regarded as the final and binding order applicable upon the parties and once the decree is granted by the Court, it shall be enforceable as per section 34 of the Act. It is just like final judgment of the court. With respect to the setting aside of an arbitral award given under section 34 if the arbitrator was prejudiced or such awards is in contradict with the public policy.
- (Section 37)Appeal:- The awards of the Arbitration matters are considered as final and normally court do not interfere with the awards except in exceptional reasons. An appeal lies under section 37(1) against an order of the court granting or refusing to grant any measure under section 9 and also against setting aside or refusing to set aside an award. An appeal shall also lie to a court under section 37(2) against an order of the arbitral tribunal accepting the plea referred to in section 16 (2) or (3) or granting or refusing to grant an interim measure under section 17.