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Why
go for Institutional Arbitration /Conciliation
Why
Go For Institutional Arbitration
| Arbitration
offers greater flexibility, prompt settlement of
national and international private disputes and
restricted channels of appeal. Arbitration may be
conducted ad hoc or under institutional procedures
and rules. |
| Arbitration
is a method for settling disputes privately,
but whosedecisions are enforceable by law. |
|
| Under
Ad hoc arbitration, the parties have to draft their
own rules and procedures to fit the needs of their
dispute. In an ad hoc case, arbitration is administered
by the arbitrators themselves |
| Parties
have an option to refer their dispute to
Ad Hoc Arbitration |
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| Under
Institutional Arbitration, the institution, designated
by the parties in their contract, will lay down
the procedure for arbitration and provide qualified
arbitrators empanelled with the institution. Further,
assistance is also available from the secretariat
and professional staff of the institution. |
| Institutional
Arbitration is conducted under the guidance
and well-tested rules of an established
arbitral organization. |
|
Why
Go For Institutional Conciliation
| Conciliation
is a confidential, voluntary and private dispute
resolution process in which a neutral person helps
the parties to reach a negotiated settlement. |
| Arbitration
is less formal than litigation, and Conciliation
is even less formal than arbitration. |
|
| Indian
Law statutorily recognizes conciliation and a settlement
reached through conciliation has the same status
and effect as an arbitration award. |
| In
2002, Section 89 was inserted in the CPC
to make ADR an integral part of the judicial
process of CPC. |
|
| Conciliation
may be used for disputes relating to commercial,
financial, family, real estate, employment, intellectual
property, insolvency, insurance, service, partnerships,
environmental and product liability. |
| Creative
solutions to special needs of the parties
can become a part of the settlement. |
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