123ArticleOnline Logo
Welcome to 123ArticleOnline.com!
ALL >> Legal >> View Article

Online Legal Advice

Profile Picture
By Author: legal resolved
Total Articles: 2
Comment this article
Facebook ShareTwitter ShareGoogle+ ShareTwitter Share

Arbitration (Meaning and Law)
Arbitration is an alternate dispute resolution mechanism in which the dispute is submitted to a neutral third-party known as the arbitrator(s). He is appointed by both the parties, who subsequently holds the arbitral proceedings, analyses evidence and adjudges on the matter by passing an award.

Need for Arbitration for a Start-up
• It is a faster and more simpler method of resolving disputes;
• More economical than hardcore litigation;
• Start-ups are not financially phenomenal and therefore, arbitration is financially feasible;
• Private proceedings rather than courtroom drama for a start-up;
• A judge may not be the expert in the concerned arena but an expert arbitrator in that arena may be appointed.

The Arbitration Clause
The following arbitration clause is a must for a contract. It is not a legal requirement but for a speedy out-of-court settlement:
“Any dispute or difference arising between the parties to this contract out of or in connection to this contract including the question regarding its meaning, scope, legality, ...
... existence, operation, termination, validity of its breach or of compensation payable thereof shall be settled through the means of arbitration in accordance with the Rules of International Commercial Arbitration of the Indian Council of Arbitration and the award made in pursuance to such process shall be binding on the parties hereto.”

Key Terms & Conditions of a detailed Arbitration Agreement
• Validity of the arbitration agreement;
• Enforcement of arbitration agreement;
• Appointment of arbitrators;
• Place of arbitration;
• Arbitrability of dispute;
• Choice of law (substantial and procedural);
• Type of arbitration (institutional, ad-hoc or any other);
• Multi-party agreements.

Important things to Remember
• Arbitration may be binding or non-binding upon the parties, i.e., a party may even reject the award of the arbitration;
• Arbitration award can only be set aside and not appealed;
• In some cases, the costs of arbitration may even exceed the costs of litigation;
• Indian courts may refuse to allow the choice of law between the parties on the grounds of public policy.

Statutory Law References
Indian Arbitration and Conciliation Act, 1996
Indian Contract Act, 1872

Landmark Judgments
ONCG v Saw Pipes, (2003) 5 SCC 705
Venture Global Engineering LLC v Satyam Computer Services Ltd, (2008) 4 SCC 190
Bharat Aluminium Co Ltd v Kaiser Aluminium Technical Service Inc, (2012) 9 SCC 649

Important Do(s) & Don’t(s)
• Legal consultation or online legal advice is essential for drafting arbitration agreement and arbitration proceedings;
• A start-up should always go for arbitration which is financially feasible;
• An arbitration agreement should be drafted in a detailed manner so as to outline the whole process;
• Even no. of arbitrators should not be appointed but only in odd numbers such as 1, 3, 5, 7, etc;
• Hold consolidate arbitration proceedings in case of multi-party agreements.
for more details visit online legal advice

More About the Author

I am rajesh, writing articles about the legal services like child custody, divorce, family law, family court, taxation, insurance law, commercial law, and other law and legal issue related articles.

Total Views: 559Word Count: 421See All articles From Author

Add Comment

Legal Articles

1. Annulment Vs. Divorce In Singapore: Legal Differences Explained
Author: Singapore Sole Parent

2. Experienced Civil Lawyer In Chennai: Your Guide To Justice And Peace Of Mind
Author: Sonu

3. Expert Guidance On Bankruptcy In Fort Worth: Your Path To Financial Relief
Author: RecoveryLawGroup

4. Why The Uae Is Emerging As A Global Hub For Arbitration Law And Dispute Resolution
Author: Dr. Hassan Elhais

5. How The Best Immigration Agent In Australia Can Simplify Your Visa Journey
Author: Reach Immigration

6. Your Rights As A Renter: What Your Landlord Can And Can’t Legally Do
Author: Monica Quinn

7. Mastering The Sponsor Management System (sms) – 2025: A Practical Guide For Uk Employers
Author: Conroy Baker

8. The Role Of A Divorce Law Firm In Singapore: What They Actually Do
Author: Singapore Sole Parent

9. How Much Does A Divorce Lawyer Cost In Singapore? Fee Breakdown
Author: Singapore Sole Parent

10. Navigating Financial Relief: Your Guide To Bankruptcy Attorneys In Houston, Tx
Author: RecoveryLawGroup

11. How An Ri Dui Lawyer Can Help You Avoid A Criminal Record
Author: Law Office of John R. Grasso

12. Uk Visa Refusal Reversal: Expert Assistance 2025 Guide
Author: The SmartMove2UK

13. Divorce Law Firms In Singapore: Services, Fees, And What To Look For
Author: Singapore Sole Parent

14. Why Are More Traders Turning To Crypto Trading Bots In 2025?
Author: William carter

15. Nyc’s E2 Visa Experts: Real Results, Real Fast
Author: Berd and Klauss PLLC

Login To Account
Login Email:
Password:
Forgot Password?
New User?
Sign Up Newsletter
Email Address: