Concept of Arbitration

Abstract

Dispute resolution by appeal to a third party has been part of India's most populated since time immemorial. It has undergone a phenomenal metamorphosis, rising from the level of village elders seated under a banyan tree to the stage of statutory approval to settle disputes. A progressive piece of legislation has been put in place by India, which is largely based on the Model Law and UNCITRAL Arbitration Laws. With a view to make arbitration less technical and more useful and effective, Parliament passed the Arbitration and Conciliation Act of 1996, which not only eliminates certain significant deficiencies of the previous arbitration statute, but also introduces new principles of arbitration. The inculcation of the philosophy of arbitration within the bar, the bench and the arbitral society is what it now needs.