5 Questions
What is the primary purpose of an arbitration process?
To review the case and impose a legally binding decision on both parties
In which type of agreements are arbitration clauses usually mentioned?
Commercial agreements
According to the Arbitration and Conciliation Act, 1996, how should an arbitration agreement be documented?
In writing as a clause or separate agreement
How is the number of arbitrators determined according to the Arbitration and Conciliation Act, 1996?
Sole arbitrator or odd number determined by parties
What is the legal status of the decision made through the arbitration process?
Legally binding on both parties
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.
Test your knowledge of Alternative Dispute Resolution (ADR) with this quiz on the legal aspects of business. Explore methods such as arbitration, conciliation, negotiation, and mediation. Assess your understanding of how ADR offers a way to resolve disputes outside the court, with a focus on the roles and processes involved.
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