Arbitration according to the arbitration and conciliation act meansâ€ś any arbitral whether or not administered by the permanent arbitral tribunal.â€ťArbitration is a form of judicial procedure. It is a private form of judicial settlement of disputes. And the team of best arbitration lawyers in Faridabad at B&B Associates is serving the clients with most impeccable legal services. In these two parties appoint a third party by way of the arbitration agreement for the settlement of disputes. A tribunal may consist of any number of arbitrators. Arbitration and conciliation suggest appointing an odd number of arbitrators.
Mostly one or three arbitrators appointed for the resolution of disputes. Arbitration saves the time of the parties, it is an alternative to the litigation. It avoids the hefty procedure of the court. And our seasoned arbitration advocates in Faridabad are resolving a different kind of disputes adeptly. Arbitration is an alternative to litigation. The decision in arbitration proceedings is final and binding on both the parties. Arbitration saves the time of the parties and its decision is favorable for both the parties.
An arbitrator is a person who is appointed through arbitration agreement by both the parties. Arbitrator, as defined under Cambridge English dictionary, is â€śa person who has been officially chosen to make a decision between two people or groups who do not agree.â€ť An arbitrator can be any person who is a legal person according to law. An arbitrator is chosen by the parties forming an arbitration agreement or it can also be appointed by the court. There can be any number of arbitrators appointed but generally, one or three arbitrators are appointed.
Appointment of the arbitrator is done according to section 11 of the arbitration and conciliation act, 1996. And for right guidance and assistance, take the help of the best lawyer in Faridabad court. It lays down following provision regarding the appointment of arbitrators:-
There can be any number of arbitrators. Most of the time there is one sole arbitrator but in some cases, three arbitrators are appointed. There should be an odd number of arbitrators in case of a clash of opinions. The senior and expert lady advocate in Faridabad at B&B Associates LLP i.e., Savita Bhandari is having a thorough knowledge and illustrious experience in the field.
Arbitration agreement according to section 7 of the Arbitration and Conciliation act means an agreement by the parties to submit to arbitration all or certain disputes which have arisen or which may arise between them in respect of a defined legal relationship, whether contractual or not.
An arbitration agreement can be formed by parties in the form of an agreement or in the form of the arbitration clause. An arbitration agreement is made by the parties forming a contract. An arbitration agreement will be made in a systematized manner.
A separate arbitration agreement can be made by the parties. In this agreement, parties have to mention the conditions relating to arbitration. Arbitration agreement consists of the name of the arbitrator. A clause regarding the appointment of an arbitrator can also be added to the arbitration agreement. A clause regarding the removal of arbitrators can also be added to the arbitration agreement.
An arbitration clause is a special clause in an agreement between the parties through which arbitrator inherit its power. This clause is a section of a contract that deals with the partiesâ€™ rights and options in the event of a legal dispute over the contract. In most arbitration agreement parties agree not to sue each other and instead choose the path of arbitration. They take the help of a third person to see in their matters and solve them. The rights and obligation are given to arbitrator through the arbitration clause. The arbitration clause is given under section 7(2), it says that an arbitration agreement may be in the form of an arbitration clause in a contract.
The following can be the grounds to challenge the arbitration agreement: –
Our chosen best lawyers and advocates know well about the legal binding rules of an arbitration agreement. The arbitration agreement should be made with proper legal consultation. Legal advice while forming an arbitration agreement can save from unnecessary flaws. While taking legal advice best civil lawyer in Faridabad should be consulted. Legal advice in the matter of arbitration can be sought while making an agreement, to appoint or remove arbitrator, etc. B&B legal offers the best legal advice from experienced and top arbitration lawyers in Faridabad.
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