Quick Summary
Arbitration is an alternative dispute resolution mechanism where parties agree to submit their disputes to one or more arbitrators who make a binding decision (award) outside the court system.
Arbitration is an alternative dispute resolution mechanism where parties agree to submit their disputes to one or more arbitrators who make a binding decision (award) outside the court system.
Key Characteristics
- Private dispute resolution outside courts
- Based on arbitration agreement between parties
- Arbitrator acts as private judge
Legal Framework
Faster and more flexible than litigation
Key Points
- Private dispute resolution outside courts
- Based on arbitration agreement between parties
- Arbitrator acts as private judge
- Award is final and binding, enforceable as court decree
- Governed by Arbitration and Conciliation Act, 1996
- Faster and more flexible than litigation