Arbitration is one of the four methods of Alternative Dispute Resolution (ADR), other are negotiation, mediation, conciliation. Arbitration has been found to be very effective in resolving the commercial disputes as it is fast, flexible, Cost effective and as final as Court Judgment on any issue. Internationally most of the arbitrations are governed by United Nations Commission on International Trade Laws (UNCITRAL) model law , New York Convention, Geneva Conventions etc. In India the Arbitration proceedings are governed by the Arbitration & Conciliation Act, 1996 which has very well taken into consideration the UNICETRAL Rules on arbitration to bring most possible uniformity between Indian Arbitration Law applicable International Arbitration laws.
In India Arbitration is governed by THE ARBITRATION & CONCILIATION ACT, 1996
Part I - Domestic arbitration.
Part II - Enforcement of foreign awards.
Part III - Conciliation procedures.
Part IV - Supplementary provisions.
First Schedule - Convention on recognition and enforcement of foreign arbitral award as per New York convention
Second Schedule - Protocol on Arbitration clauses
Third Schedule - Convention on the execution of foreign arbitral awards as per Geneva Convention.
All Matters Can Be Referred To Arbitration Except , Suits for divorce or restitution of conjugal rights, Taxation matters, Criminal matters and suits related to Non-payment of admitted liability.
ARBITRATION AGREEMENT: For referring a dispute to Arbitration an agreement providing for dispute resolution by Arbitration is sine quo non, and that may even be contained in an exchange of letters or any other means of telecommunication which provide a record of the agreement which need not necessary be signed. However it is always advisable to have a singed Arbitration Agreement. An arbitration agreement would also be considered to be in writing if there is an exchange of a statement of claim and defence in which the existence of the agreement is alleged by one party and not denied by the other.
APPOINTMENT OF ARBITRATOR - The parties can agree on a procedure for appointing the arbitrator or arbitrators failing which same shall be appointed as per provisions of the Arbitration and Conciliation Act by giving notice by either of the party to agreement or even by intervention of Court.
Normally under Arbitration Act following legal supports are given by lawyers and or legal experts:-