What is an arbitration?
Arbitration is a mechanism for adjudication of the dispute between two parties by a private person or a panel of person chosen by the parties who are called Arbitrator or Arbitral Tribunal. Arbitration is an alternative dispute resolution Technique in which the Court or the State have the very limited role to play.
Procedure of Arbitration.
Unlike Court the Arbitrator is free to choose his/her own procedure. However, the parties are free to agree on any particular procedure to be followed by an Arbitrator and in such case such procedure shall be binding upon the Arbitrator and Arbitration shall be conducted accordingly. Continue reading “Understanding the jargon called arbitration.”