The term arbitration means determination of settlement of the dispute by the decision of one or more arbitrator or arbitral Tribunal. Arbitration is one of the process of alternative dispute resolution to settle the dispute outside the court.
There are 8 types of arbitration:
1. Contractual arbitration: there is arbitration clause as an integral part of the contract to retain their existing or future dispute to the impartial arbitrator for the arbitrator appointed by the authority. Arbitration Clause is incorporated in the main contract itself in contractual arbitration.
2. Statutory Arbitration: arbitration is statutory imposed on the party by the law of land and the parties have no option but to aside by such arbitration. There is no question of consent in the case of statutory arbitration.
3. Ad-hoc arbitration: reforms to an arbitration where the procedure is either as agreed upon by the parties or in the absence of agreement, the procedure laid down by arbitral Tribunal. If the parties are not able to nominate then the arbitrator appointed by the Chief Justice of High Court in domestic matter.
4. Foreign arbitration: it is an arbitration which is conduct in a place outside India and and enforce as foreign award.
5.Domestic arbitration: section 2 (2)7 of arbitration and conciliation act 1996, when arbitration take place in India according to the Indian substantive and procedural law known as domestic arbitration.
6.International arbitration: when arbitration take place within Or outside India, containing elements which are foreign in nature in relation to the disputing parties known as International arbitration.
7. Institutional arbitration: when arbitration proceeding is settle by the special institution established under arbitration and conciliation act known as institutional arbitration each and every institutions has its own rules and regulation for the proceeding of arbitration.
8.Fast tract arbitration: recent development in arbitration deals with eliminating difficulties associated with traditional arbitration. It is a time bound device it solves within 3 to 6 months. It generally deals with the trade related matter.
So here we concluded that there are various types of Arbitration to resolve the dispute between the parties, according to the matter of conflicts.