Conciliation and Arbitration:-
According to section 2(a) Arbitration is a method in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding ruling on the dispute. In choosing arbitration, the parties opt for a private dispute resolution procedure instead of working to court.
Conciliation is an alternative dispute resolution (ADR) method whereby the parties to conflict use a conciliator, who meets with the parties both individually and together in an attempt to resolve their differences. Conciliation differs from arbitration in that the conciliation process, in and of itself, has no legal standing, and the conciliator usually has no power to seek evidence or call witnesses, regularly writes no decision, and makes no award.
Conciliation changes from mediation in that in conciliation, often the parties need restoring or repairing a relationship, either personal or business.
The purpose of conciliation proceedings is to give an amicable, swift and cost-efficient establishment of a dispute. If the parties to a dispute formally agree to submit it to conciliation, Thelegalbank assigns a member of its panel of conciliators as conciliators to the case. The members of this panel are persons of high integrity with wide experience in the international capital market. They are appointed by Thelegalbank executive committee on an annual basis.
The purpose of arbitration proceedings is to settle a dispute by a formal grant of the court of arbitration. If the parties to a dispute formally agree to submit it to arbitration, following an unsuccessful attempt to resolve it through Thelegalbank conciliation proceedings, Thelegalbank assigns three or five members of its panel of arbitrators to the lawsuit. The members of this panel are persons of high honesty with wide experience of the international capital market or with other related professional skills. They are appointed by Thelegalbank executive committee on an annual basis.
Section 2(b) “arbitration agreement” means an agreement included in section 7 and section 7 says that “arbitration agreement” indicates an agreement by the parties to submit to arbitration all or some disputes which have arisen or which may arise between the regarding a defined legal relationship, whether contractual or not.
(2)An arbitration agreement may be in the form of an arbitration requirement in a contract or the form of a separate agreement.
(3) An arbitration agreement shall be in paper writing.
(4) An arbitration agreement is in writing if it is included in—
(a) A document signed by both parties;
(b) An interchange of letters, telex, telegrams or other means of telecommunication including communication through electronic means which provide a record of the agreement; or
(c) An exchange of statements of claim and argument in which the existence of the agreement is declared by one party and not denied by the other.
(5) The reference in a contract to a document including an arbitration clause constitutes an arbitration agreement if the contract is in writing and the reference is such as to do that arbitration clause part of the contract.
(c) “Arbitral award” includes an interim grant;
(d) “Arbitral tribunal” means a sole arbitrator or a board of arbitrators;
(e) “Court” means—
(i) In the case of arbitration other than global commercial arbitration, the principal
Civil Court of original authority in a district, and holds the High Court in the exercise of its ordinary original civil jurisdiction, holding jurisdiction to decide the issues forming the subject-matter of the arbitration if the same had been the subject-matter of a suit, but does not add any Civil Court of a grade inferior to such principal Civil Court, or any Court of Small Causes;
(ii) In the case of global commercial arbitration, the High Court in the exercise of it ordinary original civil jurisdiction, having jurisdiction to determine the questions making the subject-matter of the arbitration if the same had been the subject-matter of a lawsuit, and in other cases, a High Court holding jurisdiction to hear appeals from decrees of courts inferior to that High Court;];
Its principal features are:
Arbitration can only take place if both parties have consented to it. In the case of future disputes standing under a contract, the parties insert an arbitration clause in the relevant contract. An existing dispute can be referred to as arbitration applying a submission agreement between the parties. In contrast to arbitration, a party cannot unilaterally remove from arbitration.
Arbitration methods, the parties can select a sole arbitrator together. If they choose to have a three-member arbitral tribunal, every party appoints one of the arbitrators; those two persons then allow on the presiding arbitrator. Alternatively, the Center can suggest potential arbitrators with appropriate expertise or directly appoint members of the arbitral tribunal. The Center manages an extensive roster of arbitrators ranging from established dispute-resolution generalists to highly specialized practitioners and experts covering the whole legal and technical spectrum of intellectual property.
In addition to their selection of neutrals of relevant nationality, parties can choose such important elements as the relevant law, language, and venue of the arbitration. This allows them to guarantee that no party enjoys a home-court advantage.
Explicitly protect the confidentiality of the existence of the arbitration, any disclosures made during that system, and the award. In certain situations, the WIPO Rules allow a party to restrict access to trade secrets or other confidential information that is presented to the arbitral tribunal or a confidentiality advisor to the tribunal.
The parties agree to carry out the decision of the arbitral tribunal without pause. International grants are enforced by national courts under the New York Convention, which allows them to be set aside only in very limited circumstances.
The Process of Arbitration
Arbitration is the process of making a business dispute before an impartial third party for resolution. Arbitration can be taken ad hoc (internally by the parties) or with support.
The parties choose an arbitrator or a panel. Arbitrators don't have to be Advocates.' the parties can select an expert in a field.
Arbitration hearings follow a trial the third party, an arbitrator, hears the evidence brought by both sides and gives an idea. Judgements are not public record, as are trial judgments. Seldom is that decision forcing on the parties
Here is the general process for arbitration.
Arbitration costs vary based on the complexity and aspect of the case and the level of expertise you want from the arbitrator. Typically the cost of arbitration involves:
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