Every one enters a commercial contract for a financial benefit and both the parties have obligations to perform a contract. When one party performs its obligations and the other has not performed, the party which performed or willing to perform, gets injured by the act or omission of the other party.
International Chamber of Commerce (ICC) is the most important and effective International organisation established after 2nd world war to promote international trade and Commerce. ICC has helped the international business community by promoting business friendly policies to various countries, through institutions like UNCITRAL.
The laws aid the vigilant and not those who slumber. Very often in contractual disputes, parties have disputes regarding payments due from one party against the services provided by the other party.
When the parties enter into a commercial contract that has parties from more than one Country, the parties require to decide the laws applicable to the contract and incorporate their choice of law either in the same contract or can enter into a separate agreement with regard to choice of law.
Chinese Government and the courts have consistently making effort to prove that China is a pro-arbitration country. Even though there are apprehensions about the neutrality of the arbitrations in China particularly against the Public Sector Companies of China, those are wrong apprehensions and not supported by any proof.
In Umesh Goyal vs Himachal Pradesh Co-operative Group Housing Society (2016 SCC Online 264), the Supreme Court has adjudicated upon an ambiguous legal issue and settled the law relating to Section 69 of the Indian Partnership Act, which deals with effects of non registration of a partnership firm and the applicability of the bar to maintain proceedings under Arbitration Act.
On the 1st of June 2016, Singapore International Arbitration Centre was to announce its revised Arbitration Rules 2016. Even though SIAC has circulated a brief note about the proposed changes, still has not published the final 2016 Rules.
Limitation Period to Challenge Domestic Arbitration Award Starts from the date of receipt of the award and not from the mere communication Thereof.
On the basis of the law settled by the Courts in India, the statutory arbitration conducted under “The Micro, Small and Medium Enterprises Development Act, 2006” is a full-fledged arbitration and parties have every right, under Arbitration & Conciliation Act,1996.
The Enforcement of a Foreign Arbitration Award in India has become much easier than earlier.
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