It is one of the Alternative Disputes Resolution Methods (ADR).
Simply stated, “Arbitration is the business world’s own way of finding a fair outcome of a business dispute”.
It is unique as a method of dispute closure. It does not use the courts or methods of legal systems but unlike other alternatives to court, it is binding upon the parties and is final in disposing of the dispute.
The key word in the definition is “ agree”. Arbitration takes place only by an agreement. In most of the countries by law decisions of Arbitrator are enforced more or less in the same way as judgment of the court. In India under the Arbitration and Conciliation Act 1996 awards given by Arbitrators are enforced like court decrees.
In order to facilitate speedy disposal of disputes during the course of business instead of to going to court, the Council has in place an Arbitration system for International as well as local contracts.
To know more about Arbitration Rules, please click on the link given below :
The Arbitration Rules
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