While handling of business transactions with one another,
we often come across a variation of viewpoints which result in
strained relations and problems between parties. In such a
situation, the legal system comes into play. The various modes of
resolutions offered by the Indian legal framework are recourse to
Courts or alternate dispute mechanisms including, conciliation,
mediation and arbitration.
Arbitration the safe mode
Arbitration is a mode of settlement of disputes by mutual
agreement, where the rights and obligations are determined by the
self-appointed authority, in respect of their matter, and are
binding on them. The authority involved in the dispute resolution
amongst the parties may be a single Arbitrator or a panel of
Arbitrators constituting a Tribunal thereby.
