Tag: Arbitration rules

Institutional Arbitration – The Dawn of Expeditious Justice System

Even though arbitration was known to the Indian legal and business community, only the ad hoc form found credence while the concept of institutional arbitration is relatively new. In an institutional arbitration, the arbitration agreement designates an arbitral institution to administer the arbitration. The parties then submit their disputes to the institution that intervenes and administers the arbitral process as provided by the rules of that institution. These rules and procedures are more likely to produce consistent and predictable results because of the institution’s experience and assets, providing greater resources to facilitate the arbitration. It was the Indian Arbitration and Conciliation Act, 1996 which infused a fresh lease of life into this concept and with a constrained ambit of public policy, its scope in the nation is bound to be infinitude.