Team Legistify | Legistify

Team Legistify
Answered on 28 Sep 2018

Arbitration, a type of ADR, is a strategy for the dispute settlement outside from the courts. The parties related to dispute refer it to arbitration by one or more than one individuals (“arbiters”, “arbitrators” or “arbitral tribunal”), and consent to accept the decision made in arbitration. Conciliation is ADR procedure where parties related to dispute utilize a conciliator, who arranges the meeting with both parties independently and together trying to determine their disparities. They do this by bringing down strains, enhancing interchanges, deciphering issues, and helping parties in finding a commonly satisfactory result. Read More

Posted on 19 Feb 2017 | 1 Answer

Team Legistify | Legistify

Team Legistify
Answered on 28 Sep 2018

the main objectives of the Arbitration and Conciliation Act are as follows: i) to comprehensively cover international and commercial arbitration and conciliation as also domestic arbitration and conciliation; ii) to make provision for an arbitral procedure which is fair, efficient and capable of meeting the needs of the specific arbitration; iii) to provide that the arbitral tribunal gives reasons for its arbitral award; iv) to ensure that the arbitral tribunal remains within the limits of its jurisdiction; v) to minimise the supervisory role of courts in the arbitral process; vi) to permit an arbitral tribunal to use mediation, conciliation or other procedures during the arbitral proceedings to encourage settlement of disputes; vii) to provide that every final arbitral award is enforced in the same manner as if it were a decree of the court  viii) to provide that a settlement agreement reached by the parties as a result of conciliation proceedings will have the same status and effect as an arbitral award on agreed terms on the substance of the dispute rendered by an arbitral tribunal; and ix) to provide that, for purposes of enforcement of foreign awards, every arbitral award made in a country to which one of the two International Conventions relating to foreign arbitral awards to which India is a party applies, will be treated as a foreign award. Read More

Posted on 09 Mar 2017 | 1 Answer