| Topic : Arbitration System in India |
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Activity:
Question posted: 09 07 2009 10:02:08 +0000,
4 answers, 963 views, last activity
07 06 2010 20:18:08 +0000
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Arbitration agreement: What are the requirements?
arbitration matter are very simple first both the parties have to decide or fix one common sole arbitrator to decide the cadse in this arbitration materrs the money which is involved in lacs to crores and main disputes arised between govt and private builders. but by the way of arbitation the matter can be settled very easily in this we have to challenge the award which has been passed against us. and the proceeding are very simple
By arbitration the time consumed in the court litigation can be saved effectively,the requirement is basically the understanding between the parties that the dispute be more or less amicablly settled with the intervetion of through a person choosen by both the partie but recently this process of arbitration is alos starting to deteoriate for the simple reason of heavy stakes involved of the advocate and the arbitrators who get paid on sitting basis and the law needs to be amended so that the proceedings once commenced could be brought to close in a defenite time frame
through Arbitration agreement both parties(agreeved and opposit parties) impose faith in a abritrator to decide matter judiciously. Suhail A.Siddiqui,Advocate
Arbitration is an easier way to solve disputes. For an arbitration agreement the main thing to be noted is that it should be in writing. That is there should be a written promise between the parties involved which is signed by both the parties. It is provided that a document containing an arbitration clause may be adopted by "reference"by a contract in writing.
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