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Overview of Arbitration
Alternative dispute resolution (ADR) refers to the different ways people can resolve disputes without a trial. Common ADR processes include mediation, arbitration, and neutral evaluation. These processes are generally confidential, less formal, and less stressful than traditional court proceedings. Arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute. In choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court Arbitrations are usually divided into two types: ad hoc arbitrations and administered arbitrations. In ad hoc arbitrations, the arbitral tribunals are appointed by the parties or by an appointing authority chosen by the parties.
Advantage of Arbitration
Arbitration tends to be less expensive than litigation because it typically involves fewer procedural hurdles and streamlined processes. Additionally, arbitration can be faster, often resolving disputes more quickly than court cases, which can drag on for years. Another advantage is confidentiality.
Types of Arbitration
Domestic Arbitration
In domestic arbitration, both the parties must be Indians and the proceedings must take place in India itself. In the Arbitration and Conciliation Act, 1996 there is no specific definition given to domestic arbitration. A mere reading of Section 2(2) can lead us to infer that domestic arbitration is when the parties had agreed to resolve any disputes that arise in India. The proceedings must be held in the domestic territory and must be in lieu of the procedural and substantive law in India.
Ad-hoc arbitration
Ad-hoc arbitration refers to when parties with mutual consent opt for arbitration to resolve the dispute. It is the most common form of arbitration used in India owing to reasonable costs and adequate infrastructure. Arbitration is conducted without having any institutional proceedings, that is, it does not comply with the rules of an arbitral institution. The parties have the option to choose the rules and procedures to be followed.
International commercial arbitration
According to Section 2(1)(f) , international commercial arbitration can be understood as arbitration that takes place because of a dispute arising from a commercial contract where either one of the parties resides in a foreign country or is a foreign national; or the core management committee of an association, company or a body of individuals is controlled by foreign individuals.
International arbitration
As the name suggests, international arbitration occurs outside the domestic territory because of either a clause inserted in the agreement between the parties or the cause of action that arises from a foreign element relating to the dispute or to the parties. According to the circumstances that led to a case being filed foreign or Indian law would be applicable.
Fast track arbitration
Fast track arbitration was inserted by an amendment to the Arbitration and Conciliation Act, 2015 with the purpose of resolving disputes between the parties in less time. The main purpose of fast track arbitration was to make commercial/trade disputes simpler and expeditious for the parties
Institutional arbitration
In institutional arbitration, the parties are free to choose a particular arbitral institution in the arbitration agreement itself. The institution’s governing body or the parties can appoint one or more arbitrators from a panel of arbitrators that had previously been agreed upon. Part I of the Act gives parties the freedom to appoint an arbitrator to deal with a specific issue.
It is mainly used by business organisations worldwide owing to a specific procedure being deployed as well as an efficient dispute resolution procedure provided by the institutions.
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