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Arbitration

Understanding Arbitration

Arbitration is form of ADR, whereby a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute. In choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court. Arbitration is a proceeding in which a dispute is resolved by an impartial adjudicator whose decision the parties to the dispute have agreed, or legislation has decreed, will be final and binding. There are limited rights of review and appeal of arbitration awards. The essential features of Arbitration are:

Arbitration is Consensual

Arbitration is neutral

Arbitration is a confidential process

Parties choose their arbitrator(s)

Arbitration is faster than litigation

The award of the arbitrator is final and easy to enforce

VIA provides for both domestic as well as international arbitration. The parties can choose their venue of arbitration and the arbitration shall be held with the aid of VIA at such a place. The arbitration shall be held by retired judges, persons with expertise in particular matters, senior advocates and advocates, as per the needs of the parties.

How it works?

The process of arbitration begins with the arising of the dispute. Once the dispute arises, the following steps in the arbitration process are followed:

Request for and submission of dispute to arbitration.

Parties agree on an arbitrator or an arbitrator is appointed by an arbitral institution or a court.

Arbitrator accepts appointment.

Preliminary meeting at arbitrator's request. This may be a joint session with everyone present or may be conducted by telephone conference.

Arrangements for the arbitration including hire of venue and travel arrangements, usually done by the parties with or without the assistance of an arbitral institution.

Arbitrator issues directions.

Preliminary hearings and interim awards possible in respect of security of costs, scope of arbitration agreement etc.

Submission of pleadings: claims / counterclaims and response to counterclaim.

Discovery and preparation of agreed documents.

Preparation of expert reports.

Hearing (all parties, representatives, witnesses and experts and arbitrator).

Award : decision and costs (The End)

The Arbitration and Conciliation Act states that an award may be enforced as if it were an Indian court decree. And, in case of non compliance the parties can proceed with an action for enforcement or challenge the award.

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