Arbitration

Arbitration

Arbitration is outside the court settlement of a dispute by one or more (odd number) persons who are appointed as arbitrators by both the parties. According to Section 2(1)(a) of the Arbitration and Conciliation Act, 1996 “Arbitration means any arbitration whether or not administered by permanent arbitral institution”. In other words, any form of arbitration irrespective of its nature has been recognised statutorily in India by bringing such arbitration under the ambit of the Arbitration and Conciliation Act, 1996. It consists of a simplified trial, with simplified rules of evidence and with no discovery. Arbitration hearings are usually not a matter of public record. The arbitral award is binding on the parties just like a court decree or order.