Quick Answer: What Is The Nature Of Arbitration?

What are the qualities of an arbitrator?

Essential qualities needed to become a successful arbitratorExperience – To be an arbitrator you must have excellent judgment.

Professionalism – An arbitrator must leave his or her ego at home and not bring it to work.

Project Management – Planning and efficiency in execution are important.More items…•.

What are the advantages of arbitration?

That risk has to be balanced against the three potential advantages that arbitration has over litigation:Economy. Arbitration can be considerably cheaper than litigation, but only if you focus on that goal at the outset. … Confidentiality. Litigation is public; arbitration does not have to be. … Flexibility.

Why would you choose arbitration?

Arbitration allows the parties to pick an arbitrator with specific expertise and experience related to their dispute. … While this does increase the cost of the arbitration, it also reduces the risk of relying on just one person to the final decision and can be useful in complex, high risk and/or high dollar disputes.

What happens if you lose in arbitration?

Arbitration can be either binding or nonbinding. … If the losing party to a binding arbitration doesn’t pay the money required by an arbitration award, the winner can easily convert the award into a court judgment that can be enforced just like any other court judgment.

What is arbitration India?

Arbitration is the dispute settlement process between two agreeable parties to appoint an arbitrator to give a binding solution on the dispute. It is a way to settle disputes outside the courts thereby saving time and resources at the same time.

What is the meaning of arbitral tribunal?

arbitration tribunalAn arbitral tribunal (or arbitration tribunal) is a panel of one or more adjudicators which is convened and sits to resolve a dispute by way of arbitration. The tribunal may consist of a sole arbitrator, or there may be two or more arbitrators, which might include either a chairman or an umpire.

What is the role of arbitrator?

The arbitrator is a professional who helps the parties in the dispute to arrive at the final harmonious agreement or settlement. The arbitrator is also referred to as an ‘Umpire’ or ‘referee’.

Who usually pays for arbitration?

In most cases, the parties to an arbitration divide the cost of the arbitrator’s fees and expenses evenly – that is, each pays half.

What is scope of conciliation in case of non contractual legal relationship?

Under Section 61(1) of the new law, conciliation can be resorted to in relation to “disputes arising out of a legal relationship, whether contractual or not”. A party initiating conciliation can, under Section 62 of the new law, send to the other party a written invitation to conciliation.

What does arbitration mean?

alternative dispute resolutionArbitration is a type of alternative dispute resolution. In some cases, when arbitration is used, you and the party you’re in dispute with don’t have to meet to discuss the problem again. Arbitration is a way of settling a dispute without having to go to court.

What is the scope of arbitration?

The term arbitration was not defined in arbitration act 1940 however, Arbitration and Conciliation act 1996 define arbitration means any arbitration whether or not administer by permanent arbitral institution. Scope: arbitration is no more and less than litigation.

What are the different types of arbitration?

A few types of arbitrations in India on the basis of jurisdictionDomestic Arbitration.International Arbitration.International Commercial Arbitration.Institutional arbitration.Ad-hoc arbitration.Fast track arbitration.Does India have the infrastructure to support institutional arbitration?More items…•