Nowadays, legal conflicts are quite common. And taking the cases to the court could be exhaustive as a court case could easily take a few years to come to conclusion, not only causing you a huge amount of money but also time and energy. The law of arbitration acts as an important alternative to these long court cases, which offers an efficient way to solve your issues outside the court in a short amount of time.
It is a consensual process through which the parties to the dispute come to an agreement to settle their issues by presenting their case to a third party (arbitrator). The decision by the arbitrator would be binding on both the parties. The basis aim behind the arbitration law is to ensure that a confidential, efficient and flexible means of resolving dispute amongst the parties and also reducing the cost, while still helping the parties maintain their relationship in a peaceful manner.
Some of the key features of arbitration law have been discussed here under-
The arbitration law provides for a legal structure to be followed governing the process of arbitration including the arbitration agreement, the appointment of the arbitrators by the parties, the rules to be followed for the process of arbitration, the conduct of the proceedings for the arbitration. In Delhi, the law of arbitration is governed under the Arbitration and Conciliation Act, 1996, which provides for the framework of arbitration proceedings at both domestic and international levels.
It is a contract between two parties who have agreed to sort their issues through arbitration. It generally would include the kinds of disputes subjected under the arbitration proceedings, arbitrator’s appointment, etc. For the process of arbitration it is important to understand the finer points of the agreement, hence it is advised to appoint an experienced arbitration lawyer for the same.
Selecting an arbitrator for your arbitration proceedings is an important decision to be made. The parties to the dispute, as per the agreement in many cases could select their arbitrator for the arbitration proceedings, so that an impartial and independent hearing could be ensured.
The main characteristic feature of an arbitration proceeding is that they are flexible and informal so that the parties could finalise the required procedure suiting their specific needs as well as preferences. Therefore having a proper understanding of the procedural rules is necessary in order to ensure a favourable arbitration proceeding.
One of the important features of the law of arbitration is regarding the enforceability of the awards passed under the arbitration proceedings. The law of arbitrations deals with the arbitral proceedings both on the domestic and international levels. The Arbitration and Conciliation Act, 1996 deals with the arbitration law in Delhi as well as the other parts of the country.
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