Stages of Arbitration Proceedings in India
Arbitration is playing a significant role in resolving disputes between the parties. It has stood as an important alternative when compared to the Indian Courts system. The Arbitration in India is governed by the Arbitration law in India and the Arbitration to come into force has to be signed by all the parties. The Arbitration process includes a certain step that has to be followed by the parties. While each and every case is different from variation in facts and circumstances that may change the usual procedure. Arbitration can usually proceed with the following steps:
How is the Arbitration process commenced?
Arbitration is a contract formulated to resolve disputes between the parties. The claimant generally commences the arbitration by sending a document to the opponent as a notice to “arbitration”. The issue also mentions. The other party will have the opportunity to respond within a specific period of time and also an arbitrator is selected.
Conduct of Arbitration
The arbitration process is conducted according to the procedure adopted. It also includes producing written documents from the parties. Witness statement also plays an important role in the arbitration process. The written documents from both parties are taken into account.
Hearing for Arbitration
Various hearings are held for the arbitration process before the tribunal, where various questions and arguments are put forth by the other party’s witnesses and experts.
Hearing for the arbitration is varied from case to case it depends on the circumstances and facts of the case, to decide a remedy or solution for the conflict that shall be binding on the parties.
Challenging the Award
At times the parties to the dispute are not satisfied with the award decided by Arbitration. The appealing or challenging the award may differ from case to case depending on the arbitration agreement. A tribunal‘s award can merely be challenged. However, when the tribunal has not conducted it appropriately or made any error to the law, in such cases appeal can be made to set aside the reward provided to the parties to the dispute.
The process of Arbitration has to undergo various steps and procedures.Proper guidelines are provided for the Arbitration process. The process of Arbitration plays a significant role in settling the dispute between the parties effectively and efficiently. It helps to prevent any errors to the proceedings and initiates fair justice to the aggrieved party. The proceeding also ensures an unbiased decision for the dispute.