Fast Track Arbitration
Fast Track Arbitration was initiated under the Arbitration and Conciliation Amendment Act 2015, in India to accelerate the process of arbitration in India. Fast Track Arbitration does not run by regular rules. The idea of this form of arbitration was introduced by the International Chambers of Commerce and it has been using it in a number of cases, absorbing it in Article 30 and Annexure V of the Rules. In India, the concept of fast track arbitration means that the proceedings shall end within 6 months and there is no provision for oral proceedings, instead of written pleadings suffice the matter.
It is significantly represented by strict time limit policies and must be consented to by both the arbitrator and the parties. Essentially, it intends to quicken the arbitral procedures and to determine the issue in the briefest deadline time conceivable.
On the off chance that as far as possible isn't followed, at that point, the order of the mediator will end, except if the court has broadened the time span. On the off chance that while broadening the period the Court discovers that the deferral has been caused with no considerable reasons, at that point there is a decrease of charges of the mediator by not surpassing five - percent for every long stretch of the postponement. This discipline method has been referenced under Section 15 of the Act.
It doesn't give a fixed arrangement of components or methodology to be followed as done in normal arbitral procedures, referenced in the accompanying head, any training which helps in settling the issue as quickly as time permits are acknowledged under fast track arbitration.
Generally, in Fast Track Procedures for Arbitration, no oral procedures are required and just composed entries are depended upon. The parties can choose a sole authority and the entries significantly must be composed. It secures the cost, speed, and time without encroaching any law and now and again the techniques like an assessment of an observer are additionally kept away from.
This Article Does Not Intend To Hurt The Sentiments Of Any Individual Community, Sect, Or Religion Etcetera. This Article Is Based Purely On The Authors Personal Views And Opinions In The Exercise Of The Fundamental Right Guaranteed Under Article 19(1)(A) And Other Related Laws Being Force In India, For The Time Being. Further, despite all efforts that have been made to ensure the accuracy and correctness of the information published, White Code VIA Mediation and Arbitration Centre shall not be responsible for any errors caused due to human error or otherwise.