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By group-7: Kalika Dhamani Madhvi Sharma Sapan Vardhani Ranu Shrimali Monica Mistry Jimmy Chabbra
PREAMBLE
An Act to consolidate and amend the law relating to domestic arbitration, international commercial arbitration and enforcement of foreign arbitral awards as also to define the law relating to conciliation and for matters connected therewith or incidental thereto.
ARBITRATION
[Sec.2(1)(a)]
Arbitration is one of the method of civil disputes between two or more persons by reference of the disputes to an independent and impartial third person, called Arbitrator, instead of litigating the matter in the usual way through the Courts. It saves time and expense. It also avoids unnecessary technicalities and at the same time ensures substantial justice within limits of law.
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ARBITRATION IS A DOMESTIC FORUM .It is a forum other than a Court of law for determination of disputes and differences, after hearing both the sides ,in a judicial manner.
7) To provide that every final arbitral award is enforced in the same manner as if it were a decree of court. 8) To provide that a settlement agreement reached by the parties as a result of conciliation proceeding will have the same statue and effect as an arbitral award on agreed terms on the substance of the dispute rendered by an arbitral tribunal. 9) To provide that, for purposes of enforcement of foreign awards, every arbitral award made in a country to which one of the two international conventions relating to foreign arbitral award to which India is a party applies, will be treated as a foreign award.
ARBITRATION AGREEMENT
Arbitration agreement (sec.7)
Arbitration agreement means an agreement by the parties to submit to arbitration all or certain disputes which have arisen or which may arise between them in respect of a defined legal relationship whether contractual or not [sec.7(1)].A non-contractual legal relationship, for example, may arise from a tort.
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ADVANTAGES OF ARBITRATION
Avoidance of publicity, for proceeding are held in private Simplicity of procedure, as proceeding are held more informally. Reduction of expenses in most cases. Saving of time, as proceeding are quicker than a trial in a court. Social efficacy, the award of the arbitrator being the decision by the consent of parties. Avoidance of delay and uncertainty involved in appeals.
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Appointment of person having the required technical qualification as arbitrator, should the matter be of technical nature. Impartiality in presenting facts and figures, knowing that trade competitors are not present to gain knowledge to the detriment of the person giving the evidence.
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DISADVANTAGES OF ARBITRATION
The arbitrator may be incompetent or biased Injustice may result from the informality of the procedure.
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Challenge procedure[sec.13] Here again parties are free to agree on a procedure for challenging an arbitrator, if not success then arbitral tribunal shall continue the proceeding. Failure or impossibility to act[sec.14] Termination of mandate means authorization to act given to an arbitrator Substitution of arbitrator[sec.15] A substitute arbitrator shall be appointed according to the rules that were applicable to appointment of the arbitrator being replaced
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Language(Sec. 22)
The parties are free to agree upon the language or languages to be used. Failing an agreement , the arbitral tribunal shall determine the languages to be used in proceedings.
Statement Of Defense(Sec.23)
The claimant shall state1.The facts supporting his claim 2.The points at issue 3.The relief or remedy sought The respondent shall also state his defense in respect of the above particulars.
AWARD
Award means an arbitral award. Its a final judgment of the arbitral tribunal on all matters referred to it.
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