Legal, Financial (taxation) and Current topics-Neeraja Blog

Q. Feature of Arbitration and Conciliation Act, 1996. Discuss the main causes of its  enactment . Scope and development of arbitration law  1. Arbitration is considered as an alternative dispute resolution procedure under which mediation   and conciliation are also included. It is considered as International commercial arbitration where   two parties from two different countries approach an international arbitrator either by their   mutual consent or through an arbitration institution and dissolve their dispute accordingly. The   alternative dispute resolution procedure has gained importance in the last few years due to the   increase in commercial market dispute and also it is a speedy, cost-effective and efficient way of   settlement. The United Nations have given due recognition to Model Law of International   Commercial Arbitration and Conciliation rules given by the United Nations Commission on trade   and law ( UNCITRAL). The model...