Traditional litigation requires a lot of time and procedural formality to be followed for coming into a conclusion. At times, the person who wins a case realises that he has actually won a pyrrhic victory. That’s why the concept of Alternate Dispute Resolution is gaining prominence. Arbitration and Mediation are two forms of Alternate Dispute Resolution.
The governing law for Arbitration in India is the Arbitration & Conciliation Act 1996. It is heavily influenced by the UNCITRAL Arbitration Rules 1976 & the 1985 UNICITRAL Model Law on International Commercial Arbitration, provisions of the Indian Oath’s Act 1969 are also attracted.
There are certain features which distinguish arbitration from traditional litigation. Some of the features are-