Salient Features of Arbitration and Conciliation Act

Consent

Whole process is based on consent of parties. Consent for what ? For below things
  • Submit the dispute to arbitrator. Includes desire of both the parties
  • Appointment of arbitrator or Arbitral tribunal
  • Procedures, rules, place etc.
All these agreements are mentioned in arbitration agreement. Consent is at center stage at any arbitration or conciliation.

Autonomy and Flexibility

When parties enter into some commercial contract, they can decide where they want to carry their arbitration proceedings. They can carry out proceedings in London in case of institutional arbitration by choosing an Institution in London, or they can go to nearby theater, get a ticket of boring movie and carry out arbitration proceedings in empty theater.

Act offers enormous flexibility to parties to choose there place, procedure and even law!  

Finality of Judgement

General rule is, decision in Arbitration is binding on both parties. There are very limited grounds on which parties can go to court to challenge the decision by Arbitrator like partiality by arbitrator, invalid arbitration agreement, unfair procedure etc.

Minimal Court Interference

Act provides for minimal court interference. There are few instances like disagreement over appointment of Arbitrator wherein court can interfere in arbitration proceedings

Confidentiality

Arbitration offers confidentiality. In high profile cases it is very helpful. Reliance Power, company by Anil Ambani won arbitration against Goa government in Singapore. We will never come to know why government lost case.

International applicability

Act provides for enforcement of international awards. It's good! Part 2 of the act is applicable even in Jammu and Kashmir.

International Standard Legislation

United Nations have set of Model Law on Arbitration and Conciliation. Indian Act is on par on International Standard. (Because it's almost copy paste of UNCITRAL model law!)


Above are some of the important feature. Add your features in comment section.



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