Essay On Arbitration

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Arbitration is a “mechanism for the resolution of disputes which take place usually pursuant to an agreement between two or more parties, under which parties agree to be bound by the decision to be given by the Arbitrator according to law or, if so agreed, other considerations, after a fair hearing such decision being enforceable by law.” Arbitration is, therefore, a process of dispute resolution between the parties through Arbitral Tribunal appointed by the parties to the dispute or by the court at the request of concerned party. The concept of arbitration is not new to India; there were village panchayats to resolve the disputes. The present law on arbitration is comprehensive and framed in the lines of UNCITRAL Model law. At present arbitration is governed by Arbitration and Conciliation Act, 1996. There are two types of arbitration practiced in India namely Institutional arbitration and Ad Hoc Arbitration, out of the two Ad Hoc arbitration is more prevalent in India and the former is yet to take shape and creep fully into India. The arbitration practice is gaining importance bec...

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