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What is Arbitration ?
In the process of Arbitration, the disputing parties, agree to arbitrate by an agreement. They also agree on the number of arbitrators – one or more, who would make the decision on the dispute. The outcome/decision would be binding on the parties in a dispute. In arbitration the parties decide to resolve disputes privately than going to the Court of Law. The rules and regulations of the process of arbitration is as per the Arbitration and Conciliation Act, 1996.
Which parties can enter arbitration?
It is very important that both the parties must agree on arbitration in writing or through intent/actions.
In case of an agreement/contract between parties, the parties insert the clause of arbitration in the relevant agreement/contract for future disputes. It is to be noted that a party, singularly cannot withdraw from the process of mediation.
When can one enter Arbitration?
Arbitration can be done for matters which involve rights in personam, i.e. rights against an individual and not against the world at large, i.e. rights in rem. Arbitration of a matter has to involve and must necessarily depend on the question of nature of rights. The most crucial step is the appointment of the arbitrator. The arbitrator must have knowledge of the subject, must be impartial and both the Parties must agree on the arbitrator. The arbitrator’s award is binding on both the parties.
Types of Arbitration:
Arbitration are of 2 types:
Ad-hoc Arbitration
Under Ad-hoc Arbitration, the parties are free to decide all aspects of arbitration – from appointment of arbitration to procedure. It is mainly guided by the Arbitration and Conciliation Act, 1996.
Institutional Arbitration
Under the process of Institutional Arbitration the procedure, rules, etc. are mainly decided by the institution and the parties need to abide by the same.
Advantages of ad-hoc arbitration:
Ad-hoc arbitration is flexible in nature and gives a party control over the process of proceedings. The cost incurred by parties in an arbitration proceedings are also lesser than litigation. The fees of the Arbitrator are also shared by the parties. It is also a well known fact and a matter of popularity of arbitration that it is a process which is less time consuming.
The award passed by the Arbitrator is binding on the parties. It can be challenge only on very specific grounds given under the Arbitration and Conciliation Act, 1996.
Procedure of Arbitration:
At Medar, the arbitration process commences with a clear agreement in writing, reflecting the intent and actions of all parties involved. This foundational step establishes the commitment to a streamlined and binding dispute resolution process.
The arbitration journey at Medar begins with the issuance of a notice to the other party, formally acknowledging the existence of a dispute. This crucial step sets the wheels in motion for a resolution process guided by arbitration, ensuring a decisive and binding path towards resolving the identified issues.
The next strategic move in the arbitration process is the appointment of a skilled arbitrator. This crucial step ensures a fair and impartial resolution, bringing expertise to guide the parties through the arbitration proceedings with efficiency and expertise.
In the arbitration process at Medar, proceedings initiate with actions such as filing evidence and exchanging documents. This comprehensive step, which encompasses various elements, marks the beginning of a structured and thorough arbitration process aimed at achieving a fair and conclusive resolution.
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What Our Clients Say About MedAr Services
What Our Clients Say About Medar
Discover about our clients views about MedAr to better understand our process.
Ramesh Verma
Small Business Owner
MedAr provided me with an effective and cost-efficient solution to a contractual dispute with one of my suppliers. The mediator was professional and ensured that both parties had a say in the resolution. We managed to save time and money by avoiding court proceedings. I highly recommend MedAr to anyone seeking dispute resolution.
Priya Sharma
Homemaker
I was entangled in a long-standing property dispute with my extended family. MedAr’s mediation services came to my rescue. The mediator handled the matter with sensitivity and professionalism. Thanks to MedAr, we were able to reach an amicable resolution that ensured peace in our family. I couldn’t be happier with the outcome.
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