Arbitration Agreement In Indian Law
That the President is a lawyer with at least 20 years of active experience; Or that the president is a retired judge of a particular court; or that one of the wing arbiters is an expert in an area such as construction, either accountant, or a certain type of engineer; or that the Chair must have previously been a single chair or arbitrator in at least 10 arbitration cases, when an award has been rendered following a hearing on the merits. The discovery of the parties` intended choice with respect to the for and seat of the arbitration procedure contributes significantly to the time and costs associated with the dispute resolution procedure, where this is not expressly provided for in the arbitration agreement. Avoid vague language and explicitly specify a “seat” if the intention is to have a seat outside India, especially if the current legislation of the underlying contract is under Indian law. The actual execution of premiums may be delayed by several years, while the “seat” issue is resolved and challenged separately. Recent Indian court decisions have questioned the general rules governing the identification of the seat of an arbitration proceeding and, for this reason, determining the seat (and, separately, the forum) of arbitration will precisely save time and costs and allow the parties to focus on a definitive determination of the actual dispute. Institutional arbitration: management of arbitration in accordance with the internal rules of an institution. The same applies to important aspects of arbitration such as the appointment of arbitrators, the management of arbitration, the identification of venues for the organization of arbitration hearings. Many Indian arbitrations are managed by international arbitration institutions such as the Court of Arbitration of the International Chamber of Commerce, the Singapore International Arbitration Centre and the London Court of International Arbitration. Within 15 days of the start of the arbitration, each party selects a person as an arbitrator and the two arbitrators thus selected elect a third arbitrator within 30 days of the start of the arbitration. If the arbitrators chosen by the parties are unable to agree on the third arbitrator within the time limit, the third arbitrator is appointed by the court. All arbitrators are neutral, independent and impartial arbitrators. Optional This form of arbitration helps to obtain a clear set of arbitration rules, a clear timetable for arbitration, panel of arbitrators to choose, support from well-trained staff, helps when the parties are not properly familiar with the arbitration procedures. The decision of the Supreme Court of India at BALCO, which contradicts the previous Bhatia International vs Bulk Trading decision, has thus steered arbitration law in India in the right direction.
However, it is important to design a valid compromise clause to use the REL mechanism.