We approach to resolve any civil dispute by way of Alternate Disputes Resolution (ADR) i.e. Mediation, Conciliation and Arbitration. Keeping in view the above, the (Indian) Arbitration and Conciliation Act, 1996 was enacted by Indian Parliament wherein provisions have been made recognizing arbitration agreement, composition of arbitration tribunal, procedures for conduct of arbitration, making of awards, recourse against arbitral awards, finality of arbitral awards and their enforcement, enforcement of foreign awards etc. Both New York Conventions Awards (Convention on the Recognition and Enforcement of Foreign Arbitral Awards, New York, 1958) and Geneva Convention Awards, 1927 are recognised under the Indian Act. One of the best features of Indian Arbitration and Conciliation Act, 1996 is that parties to the arbitration agreement have no option except to go for arbitration in case of any dispute. Further, the parties can choose their own law, Indian or foreign, on the basis of which arbitration will be conducted, place and forum of arbitration, within or outside India, adopt their own procedures or the procedure of any internationally recognized arbitral forums.
The essence of the above is that the parties are free to resolve their disputes in any manner, whatsoever, as may be agreed which is free from the shackles of the traditional system of justice. It is further important to note that all awards passed by the Arbitrator are final and binding, subject to some reasonable exceptions and the same are enforceable as a final decree of the court. Therefore it is in the best interest of the client that their matters are resolved amicably as it saves their time and cost.
Chamber of Advocates offers its expertise in various sectors handling complex and multi-jurisdictional matters. Our team anticipates, prevents, and minimizes exposure of clients to potential disputes thereby significantly reducing costs and increasing operational efficiency.