Salient features of Arbitration and Conciliation Act, 1996.
ยท What is arbitration Arbitration, as a form of alternative dispute resolution, has been around for a long time. The Word Intellectual Property Organization (WIPO) defines it as a procedure wherein parties achieve resolution by submitting their disputes to neutral person/s called arbitrators, whose decision is binding on such parties. In simpler words, arbitration is a process that allows two or more parties in a dispute to resolve their legal conflicts. Instead of arguing their case before a court of law, arbitration lets the involved parties achieve a mutually acceptable resolution by bringing in a third party, i.e., the arbitrators. These arbitrators are neutral and impartial, which enables them to get the parties in dispute to agree to terms that are acceptable to all. As can be understood from the above definition and its explanation, arbitration does not happen within the traditional system of courts. It exists to lighten the...