Arbitration is one of the significant, popular, and effective means of the Alternative Dispute Resolution (ADR), in jurisdictions all across the world. This Arbitration is exclusively used and preferred for resolving commercial disputes outside the law courts, at levels regional, national, and international. This arbitration is also equally useful for tackling employment issues and matters, commercial contracts, and diverse consumer services. For such purposes there is a well-devised arbitration act in every country, which provides provisions and procedures for resolving various types of commercial or other disputes privately through equitable arbitration. This description explains 'what is arbitration act'. Now, let me explain the method or process of arbitration. Arbitration is the form of ADR which helps in resolving and settling disputes outside the courts of law and privately, through choosing unbiased, dignified, and equally acceptable arbitrators, swiftly and economically. The arbitration awards extended by these unanimously selected arbitrators would be decisive and binding to both the disputing parties. People and entities engaged in the domestic or international businesses in various economic sectors, have been being benefited hugely and regularly by this arbitration from time to time.
What is Arbitration Act in India
At present, the rules, provisions, and procedures for arbitration in India, are exclusively governed and regulated by the Arbitration and Conciliation Act, 1996, for both domestic and international mercantile and commercial disputes. Before this arbitration and conciliation act, the arbitration in India was being handled using the arbitration rules and laws contained in the Arbitration Act, 1940; the Arbitration Protocol and Convention Act, 1937; and the Foreign Awards (Recognition and Enforcement) Act, 1961. The new arbitration act india, repealed these legal legislations, to provide perfect, faster, and better solutions to businesses in the contemporary world. In addition to tackling expertly the usual litigations through the normal judicial system in India and abroad, ours well-experienced, discerning, and mellow judges and attorneys, provide decent and impeccable services for arbitration, for resolving business and commercial disputes in all fields of commerce and profession. A large number of grueling, tedious, and dilatory litigations through the normal judicial systems, have been elegantly and prudently averted for over a decade through ours arbitration services strictly under the arbitration and conciliation act india.