Arbitration Agreement And Its Essentials
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FAQ
In these proceedings, the courts can evaluate the:Capacity of the parties.Validity of the arbitration agreement.Appointment and jurisdiction of the tribunal.Procedure for conduct of proceedings.Arbitrability of disputes.Conflict with the public policy of India.
Generally, in India the types of the arbitration process are classified into three:Ad hoc arbitration.Institutional arbitration.Fast track arbitration.
The agreement must fulfil all the essentials of a valid contract as provided under section 10 of the Indian Contract Act, 1872. The parties must be major, of sound mind, not disqualified by law, with free consent, and for lawful object and consideration.
To give you an idea of the process that arbitration typically involves, the American Arbitration Association describes artibtration as having five main steps:Filing and initiation.Arbitrator selection.Preliminary hearing.Information exchange and preparation.Hearings.Post hearing submissions.Award.
Arbitration is the most common ADR process used in the workplace. Arbitration involves the submission of a dispute to an independent, third party neutral who is chosen by both parties to resolve a dispute, and who renders a final binding decision.
