Explain the key Elements of an Arbitration Agreement under the Arbitration and Conciliation Act, 1996
Explain the key Elements of an Arbitration Agreement under the Arbitration and Conciliation Act, 1996. Ø Essentials of an Arbitration Agreement An arbitration agreement involves several key conditions that must be met for it to be valid and effective. These conditions ensure that the agreement serves its intended purpose and guides the arbitration process fairly. 1. Presence of a Dispute For an arbitration agreement to hold weight, a dispute between the involved parties must exist. This is a fundamental requirement for the agreement to come into effect. If no dispute is present, the arbitration clause cannot be used to challenge a settlement that has already been reached by the parties. 2. Written Agreement An arbitration agreement must always be documented in writing. It can take various forms to qualify as a written agreement: • Document with Signatures: The agreement is valid when ...