Arbitration is a form of Alternative Dispute Resolution. ADR methods enjoy significant advantages such as lower costs, greater flexibility of process, higher confidentiality, greater likelihood of settlement, choice of forum, choice of solutions etc. Having said that one of the most popular widely recognised and practised forms of ADR is Arbitration.
The arbitration agreement may stipulate that in case of International Commercial dispute or differences arising between the parties belonging to Two different Countries, they will refer their dispute to a particular overseas institution such as:
- International Court of Arbitration (ICC-ICA), Paris
- World Intellectual Property Organisation (WIPO)
- London Court of International Arbitration (LCIA)
- Singapore International Arbitration Centre (SIAC)
- Hong Kong International Arbitration Centre (HKIAC)
- Dubai International Arbitration Centre (DIAC)
All these institutions have framed their own rules of arbitration which would be applicable to arbitral proceedings conducted by these institutions. They may provide for international commercial arbitration and the disputes dealt with by them may be general or specific in nature.
Leading Arbitration Institutions in India
The Arbitral Institutions have been in existence now for quite some time. They have their in-house Arbitration Rules and have fixed Arbitrator’s fees, administrative expenses, qualified arbitration panel, rules governing the arbitration proceedings etc., which help in the smooth and orderly conduct of arbitration proceedings.
Institution with pan India presence have edge over standalone ones. Some of the prominent institutions which conduct institutional arbitrations in India are:
- Delhi International Arbitration Centre (DIAC) – New Delhi
- Indian Council of Arbitration (ICA) – New Delhi
- Indian Dispute Resolution Centre (IDRC) – New Delhi, Mumbai
- Construction Industry Arbitration Council (CIAC)- New Delhi
- Mumbai International Arbitration Centre (MIAC) – Mumbai
- Nani Palkhiwala Arbitration Centre (NPAC) – Chennai
IDRC has India’s most experienced Panel of esteemed Arbitrators/Mediators which include Former Hon’ble Chief Justices of India, Judges of Supreme Court, Chief Justices of High Court, Judges of High Court and District Courts, Queens Counsels of London, Former Secretaries to Govt. of India, CMDs and Directors of PSUs, Senior Advocates, Chartered Accountants, domain experts and many more.