As there are lots of pending cases and the number of fresh cases is also increasing, So there is need that that the justice delivery system is to be very fast according to the changing needs of the times otherwise there will be no benefit to the parties because 'justice delayed is justice denied ' Purpose of Arbitration Act is to provide quick redressal to commercial dispute by private Arbitration. Quick decision of any commercial dispute is necessary for smooth functioning of business and industry. Internationally, it is accepted that normally commercial disputes should be solved through arbitration and not through normal judicial system. Hence, the need of Alternate Dispute Resolution(ADR).
There are four methods of ADR - negotiation, mediation, conciliation and arbitration. 'Negotiation' is cheapest and simplest method. If it does not work, mediation through a mediator can be tried. If it does not work, conciliation and arbitration will be useful. Arbitration Act makes provision for conciliation and arbitration as ADR mechanisms An arbitrator is basically a private judge appointed with consent of both the parties. Object of arbitration is settlement of dispute in an expeditious, convenient, inexpensive and private manner so that they do not become the subject of future litigation between the parties. The Indian Arbitration and Conciliation Act, 1996 the governing arbitration statute in India. It is based on the Model Law on International Commercial Arbitration adopted by the United Nations Commission on International Trade Law (UNCITRAL) in 1985.International arbitration in India refer to those where one of the parties is of India and other is from any other country. At last we can say that arbitration is and important dispute resolution mechanism according to the changing needs of the society. If you want to know about arbitration in India or international arbitration in India then 365companies.com will help you in solving all your queries.
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