Podcast
Play an AI-generated podcast conversation about this lesson
Download our mobile app to listen on the go
Get App
Questions and Answers
What is the primary purpose of an arbitration process?
What is the primary purpose of an arbitration process?
- To provide a platform for open negotiation between the disputing parties
- To offer legal advice to the disputing parties
- To review the case and impose a legally binding decision on both parties (correct)
- To guide the disputing parties towards a mutually beneficial solution
In which type of agreements are arbitration clauses usually mentioned?
In which type of agreements are arbitration clauses usually mentioned?
- Real estate agreements
- Intellectual property agreements
- Employment agreements
- Commercial agreements (correct)
According to the Arbitration and Conciliation Act, 1996, how should an arbitration agreement be documented?
According to the Arbitration and Conciliation Act, 1996, how should an arbitration agreement be documented?
- In writing as a clause or separate agreement (correct)
- Documented in the form of a public announcement
- Implied through the conduct of the parties
- Verbally agreed upon by the parties
How is the number of arbitrators determined according to the Arbitration and Conciliation Act, 1996?
How is the number of arbitrators determined according to the Arbitration and Conciliation Act, 1996?
Signup and view all the answers
What is the legal status of the decision made through the arbitration process?
What is the legal status of the decision made through the arbitration process?
Signup and view all the answers
Flashcards are hidden until you start studying
Study Notes
Arbitration Process
- The primary purpose of an arbitration process is to resolve disputes in a neutral and impartial manner.
Arbitration Clauses
- Arbitration clauses are usually mentioned in commercial agreements, such as contracts, and other types of agreements where parties want to avoid litigation.
Arbitration Agreement Documentation
- According to the Arbitration and Conciliation Act, 1996, an arbitration agreement should be documented in writing, and should be signed by the parties.
Number of Arbitrators
- The number of arbitrators is determined by the Arbitration and Conciliation Act, 1996, as either a sole arbitrator or three arbitrators, depending on the agreement between the parties.
Legal Status of Arbitration Decision
- The decision made through the arbitration process is final and binding, and has the same legal status as a court judgment.
Studying That Suits You
Use AI to generate personalized quizzes and flashcards to suit your learning preferences.
