Fast‐Track Dispute Conciliation ‐ The New Wave Arbitration

The business transactions have been an important mode of interaction between different strata of people and the parties are often faced by the challenges posed by changing circumstances resulting in clash of view-points. Increased levels of business operations may result in rise in the number of disputes amongst the transacting parties. With the different available options to resolve the differences between the parties such as filing of suit in the Court of law, alternate dispute redressal mechanism including conciliation, mediation and arbitration are gaining popularity.

The preferred mode of Arbitration

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, are binding on them. The authority involved in dispute resolution amongst the parties may be a single Arbitrator or a panel of Arbitrators constituting a Tribunal thereby. It may be