Arbitration and Conciliation (amendment) Bill 2018: Union cabinet approved the Arbitration and Conciliation (Amendment) Act bill, 2018 proposing certain amendments to the existing Arbitration and Conciliation Act,1996 (herein after The Act), which is declared as an important effort of the Government of India
Japan is one of the major investor country in India and the commercial relationship between India and Japan are fast increasing, hence it is important to understand the fundamentals of Arbitration in Japan.
A few days back the Union cabinet approved the Arbitration and Conciliation (Amendment) Act bill, 2018 which is declared as an important effort of the Government of India to encourage Institutional Arbitration and to make India a center of robust ADR mechanism.
We have seen lawyers arguing during arbitrations showing various technicalities and lapses in a contract to deny the payment to a party which provided a service or product to the other party.
Arbitration proceedings is a creature of the contract and arbitration agreement between the parties. One of the major challenges faced by the parties in the Arbitration Proceedings is the restriction that only the parties to the same arbitration agreement can be parties to the arbitration arising out of the said contract.
The Supreme Court of India, in a recent Judgment dated 15th February 2018 in a case Sundraram Finance Limited Vs Abdul Samad & Another as reported in (2018) SCC Online SC121 settled the divergence of legal opinion of different High Courts on the question as to Whether an award under the Arbitration and Conciliation Act,1996
Normally parties choose arbitration as the dispute resolution mechanism to resolve all their disputes arising out of or relating to a contract. In such a situation, arbitrator has unlimited scope to decide all the issues raised by the parties.
In most of the Build operate Transfer types of contracts (BOT), we normally see a chapter called conditions Precedent. These conditions precedents impose certain obligations on both the parties which are to be fulfilled or waived off for the starting of the project work by fixing the appointed date.
In our country, everyday there are many announcements about new launch of infrastructure projects on either BOT basis or Annuity basis or EPC basis etc., But most of them end up in arbitrations due to delay in completion or termination or escalation issues or violation of state support agreements etc.
In a recent Judgment delivered on 23rd January 2018 in the matter of M/S. Indian Farmers Fertilizer Co-operative Limited Vs M/S. Bhadra Products, Supreme Court of India dealt with an interesting issue
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