What is arbitration law?
Asked by imran dx
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3 Answers
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THE ARBITRATION AND CONCILIATION ACT, 1996 ACT NO. 26 OF 1996 is enacted by Parliament in the Forty-seventh Year of the Republic of India is an Act to 'consolidate and amend the law relating to domestic arbitration, international commercial arbitration and enforcement of foreign arbitral awards as also to define the law relating to conciliation and for matters connected therewith or incidental thereto.
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Arbitration law basically talks about methods to reconcile disputes with their help of alternative methods like arbitration, negotiation, mediation, etc. -
Arbitration is a procedure in which a dispute is submitted, by agreement of the parties, to one or more arbitrators who make a binding decision on the dispute. In choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court. The Law or rules deals with this is called as Arbitration Law.
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