Entering into business transactions between the parties
leaves a scope for the occurrence of clashes between them. Opting
for legal proceedings in the Court of law are often time consuming
and expensive. Heading towards arriving at a settlement, the
parties often incorporate, in their agreement, provisions of
dispute resolution by taking recourse to cost effective measures
such as arbitration, conciliation and mediation.
Guiding light
In India, law promotes the resolution of disputes between the
parties through alternate dispute redressal mechanisms. The
arbitration and conciliation proceedings are regulated under the
provisions of the Arbitration and Conciliation Act, 2015
(hereinafter referred to as the "Act"). Arbitration
provides procedural flexibility, saves valuable time and money
while avoiding the stress of a conventional trial.
