Arbitration refers to the resolution of conflicts between parties as soon as possible, without delving into the procedural complexities connected with the operation of a civil court. Arbitration is defined as the hearing and resolution of a dispute between two or more parties by a person or individuals designated by the parties.
In an English case known as Collins v. Collins, 1858 28 LJ Ch 184: 53 ER 916, the court provided a broad definition of arbitration, which goes as follows:
An arbitration is a reference to the decisions of one or more persons either with or without an umpire, a particular matter in difference between the parties. It was further observed by the court that proceedings are structured for dispute resolution wherein executives of the parties to the dispute meets in presence of a neutral advisor and on hearing both the sides and considering the facts and merits of the dispute, an attempt is made for voluntary settlement.
Online dispute resolution (ODR) is a newer type of arbitration. The parties can use a computer to register an initial disagreement, pick an arbitrator, present evidence, and even participate in proceedings online. An ODR may undoubtedly broaden the scope of work for an arbitrator.
HOW DID ARBITRATION DEVELOP IN INDIA?
Since its start in 1940, arbitration law in India has been on the rise. The current arbitration legislation is a conglomeration of many proclamations and ordinances made by the government of India to address the country’s periodic economic changes. The Act of 1996 is the fundamental source of Indian arbitration law. An Act enacted to unify the laws governing local and international arbitration, as well as their enforcement. In an effort to make arbitration a preferred means of business dispute resolution and to establish India as a centre of international commercial arbitration, important modifications were enacted between 2015 and 2019. The present legislation is the result of multiple such revisions, the most recent of which are introduced in 2019.
WHAT IS THE NEED FOR STRONG ARBITRATION LAWS?
The advancement, liberalisation, and globalisation of international business relations necessitated the development of a flexible, reasonable, advantageous, and time-saving method of resolving disputes that did not require the parties to go through the rigorous, time-consuming, and resource-draining procedure of the traditional justice delivery system.
IMPORTANT CASE LAWS
O.M.P. (COMM) 136/2017 Mother Boon Foods Pvt Ltd v. Mindscape One Marketing Pvt Ltd: – According to the 1996 Act, an arbitration agreement must be in writing, according to the Court. The arbitration clause, which is a component of the contract, could not have been supplanted by any oral demand or agreement because it was in writing.
In recent years, there has been an exponential increase in international transactions and contracts, as well as an increase in disputes involving international arbitration. India is no longer a closed economy that is catching up with the changes, and decisions like BALCO demonstrate to the world that parties may readily come into arbitration without fear of being subjected to inconvenient traditional processes.
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