As per section 2(a) of the Arbitration and conciliation Act, 1996, arbitration means any arbitration whether or not administered by a permanent arbitral institution. Arbitration is one of the methods present under alternative dispute resolution. The intent behind Arbitration is to resolve the disputes between two conflicting parties without knocking on the court's doors. Under this mechanism, an independent third/neutral party is appointed as the Arbitrator to resolve the disputes which are persisting between the parties. This method of alternative dispute resolution can only be invoked in cases where the parties have entered into a valid and duly executed agreement, which contains a properly drafted arbitration clause. Commercial arbitration is currently the preferred mode of dispute resolution for complex commercial disputes. • Filing of a demand for arbitration by one party and initiation of the process. • The arbitrator is selected by both parties based on the nature of their dispute. • A preliminary hearing will be conducted. Parties meet to discuss substantive case issues, information exchange, witness lists, etc. • Parties share information and arbitrators handle any related challenges. • Parties present evidence and testimonies before the arbitrator. • Post-hearing submissions- If necessary, parties submit additional information to the arbitrator. • Award- The arbitrator renders a decision (award) and closes the case.
