Indian Council Of Arbitration
The Indian Council of Arbitration, India's chief and premier arbitral organization, is a registered society under the Societies Registration Act, 1860, operating on a not-for-profit basis with its administrative center and head office in New Delhi and ten branches in a Pan- India network.
The ICA was built-up and established in the year 1965 as a particular and specialized arbitral body at the national level under the initiatives and idea of the Government of India and zenith business associations, for example, FICCI, etc. However, the ICA achieved a self-governing status and turned into a free and independent body. The primary objective of ICA is to promote amicable, quick, fast, inexpensive, and cheap settlement of commercial disputes by methods for arbitration, conciliation, regardless of location.
In the present scenario, ICA is not only the main and leading arbitral institution in India, but it is also one of the most significant and major arbitration centers in the Asia Pacific, handling more than 200 local, domestic and international arbitration cases every year. It additionally gives the business and commercial world unrivaled and time-tested Maritime Arbitration benefits, services, and impart education and training in alternative dispute resolution mechanisms. Combined with our quality case administration and board of judges and arbitrators, ICA is the one asset for all dispute resolution needs.
The central function of ICA is the organization and administration of arbitration proceedings. The ICA has its arrangement of procedural standards and rules which govern the direction of the whole mediation procedures, from its initiation to its termination. Also, ICA is entrusted with the mission of advancing, promoting, and building capacity in the zone of ADR (Alternative Dispute Resolution). In its constant and continuous effort in capacity construction and spreading plus providing data and information on ADR, the ICA sorts out different courses and discussion forums on the various fields and avenues of ADR.
The Indian Council of Arbitration prescribes and recommends to all the parties desirous of referring to arbitration by the Indian Council of Arbitration, the utilization of the following arbitration clause in their agreements and contracts:
" Any dispute, matter and difference at all emerging or arising between the parties out of or relating with the development, construction, meaning, scope, activity or impact of this agreement/contract or the breach thereof will be settled by arbitration as per the Rules of Arbitration of the Indian Council of Arbitration and the award made in compatibility and pursuance thereof shall be binding on the parties."
Indian Council of Arbitration advances, encourages, and promotes arbitration among merchants/ traders, particularly among individuals who are engaged in international trade and businesses. It additionally also energizes the smooth and simple settlement of foreign trade disputes to create altruism in the field of foreign and international trade.
Objectives of Indian Council of Arbitration:
- Prolongation, popularization, and advocacy of commercial arbitration concerning foreign trade.
- Arranging arbitration of matters and disputes in international trade through its constituent individual members.
- Maintenance of boards of people to act as judges and arbitrators.
- Collaboration with global and international associations and arbitral bodies corresponding to international commercial arbitration.
- Conducting training and instructional course on commercial arbitration.
The Indian Council of Arbitration organizes and conducts regular meetings and conferences in which businessmen, delegates, and representatives of Export promotion boards, public sector undertakings, chamber of commerce, and trade association meet together to discuss and talk about issues of settlement of the matter in dispute.