Civil Court Jurisdiction not barred because of Arbitration clause in Memorandum of Association – High Court of Chhattisgarh (India)
Arbitration is the private dispute resolution mechanism which is proved to be an effective alternate to the regular National Court dispute resolution through litigations. To become an arbitrator, there is no requirement of a legal or technical qualification.
Arbitrations (domestic as well as International) seated in India, enforcement of foreign arbitration awards passed in a New York convention seat, powers of the courts to grant interim orders in favour of a foreign seated arbitration, Powers of the courts to refer parties to arbitration if there is a valid arbitration agreement between parties and appointment of arbitrators are governed by Arbitration and Conciliation Act,1996.
Emergency arbitrator concept is considered to be, one of the most effective solutions for the major problem which has been reducing the effectiveness of an International arbitration.
On March 2017, International Chamber of Commerce (ICC) has come out with rules incorporating Expedited procedure (Fast track arbitration) in ICC Arbitration Rules.
India is still a litigation country and people are more comfortable with litigations than other modes of dispute resolution. But Arbitration is also a popular, private and alternate dispute resolution mechanism and it is Governed by Arbitration and Conciliation Act,1996 in India.
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.
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