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The Arbitration and Conciliation Act 1996 is an Act that regulates domestic arbitration in India. [1] It was amended in 2015 and 2019. [1]The Government of India decided to amend the Arbitration and Conciliation Act, 1996 by introducing the Arbitration and Conciliation (Amendment) Bill, 2015 in the Parliament.
Arbitration, in the context of the law of the United States, is a form of alternative dispute resolution.Specifically, arbitration is an alternative to litigation through which the parties to a dispute agree to submit their respective evidence and legal arguments to a third party (i.e., the arbitrator) for resolution.
Due to the extremely slow judicial process, there has been a large emphasis on alternate dispute resolution mechanisms in India. While the Arbitration and Conciliation Act of 1996 is a fairly standard Western approach towards ADR, the Lok Adalat system constituted under the National Legal Services Authority Act, 1987 is a uniquely Indian approach.
To secure the acceptance of, and adherence to, the Code of Professional Responsibility for Arbitrators of Labor-Management Disputes of the National Academy of Arbitrators, American Arbitration Association, Federal Mediation and Conciliation Service (As amended and in effect September 2007) or of any amendments or changes which may be hereafter ...
In case the consensus is not reached within this timeframe, and if the parties have previously consented to arbitration, an ad hoc arbitral tribunal can be established, whose decision holds legal weight over the Parties. Additionally, arbitration proceedings can be commenced through mutual agreement among the concerned States parties. [3] [5]
The Arbitration and Conciliation Act, 1996 has been enacted to accommodate the harmonisation mandates of UNCITRAL Model. To streamline the Indian legal system the traditional civil law known as Code of Civil Procedure, (CPC) 1908 has also been amended and section 89 has been introduced.
The main body of law applicable to arbitration is normally contained either in the national Private International Law Act (as is the case in Switzerland) or in a separate law on arbitration (as is the case in England, Republic of Korea and Jordan [25]). In addition to this, a number of national procedural laws may also contain provisions ...
The United States Arbitration Act (Pub. L. 68–401, 43 Stat. 883, enacted February 12, 1925, codified at 9 U.S.C. ch. 1), more commonly referred to as the Federal Arbitration Act or FAA, is an act of Congress that provides for non-judicial facilitation of private dispute resolution through arbitration.