Tiêu đề Arbitration.pptx ✅

INTRODUCTION In the present time, the arbitration is governed by the law of arbitration which is provided under the Arbitration and Conciliation Act, 1996. Earlier to this Act, there were 3 Acts that governed the law of arbitration in India that are as follows: The Arbitration (Protocol and Convention) Act, 1937. The Arbitration Act, 1940. The Foreign Awards (Recognition and Enforcement) Act 1961. These Acts were repealed by the Arbitration and Conciliation Act 1996. However, the Model Law also contributed in drafting and implementing the provisions of the Arbitration and Conciliation Act, 1996. the Model Law was adopted by the United Nations General Assembly on the recommendation of the United Nations Commission on International Trade Law (UNCITRAL). Therefore, The Arbitration and Conciliation Act, 1996 came in order to consolidate and amend the
already existing laws relating to domestic arbitration. The Act came into force on 25 January, 1996. There are total 86 sections in this Act and it is divided into 4 parts, in which Part I deals with General provisions on arbitration, Part II deals with the Enforcement of certain foreign awards, Part III deals with conciliation and Part IV deals with the Supplementary provisions. Main objective of Arbitration and Conciliation Act, 1996 The main objective of the Act are as follows – It aims to comprehensively(completely) cover international commercial arbitration and conciliation as well as domestic arbitration and conciliation. To make provision for an arbitral procedure which is fair, efficient and capable of meeting the needs of the specific arbitration.
It provides that the arbitral tribunal has to give reasons for its arbitral award. To ensure that the arbitral tribunal remains within the limits of its jurisdiction. To minimize the supervisory role of courts in the arbitral process. To permit an arbitral tribunal to use Mediation, Conciliation or other procedures during the arbitral proceedings to encourage settlement of disputes. To provide that every final arbitral award is enforced in the same manner as if it were a decree of the court. To provide that a settlement agreement reached by the parties as a result of conciliation proceedings, it will have the same status and effect as an arbitral award. To provide that for the purpose of enforcement of foreign awards, every arbitral award made in a country which is one of the
parties to the international conventions i.e. the New York Convention and the Geneva Convention will be treated as a foreign award. Note: the foreign award should be made in another country except India. Salient features of the Arbitration and Conciliation Act, 1996 Some of the important salient features of Act are as follows – A more comprehensive statute: The Arbitration and Conciliation Act, 1996 is more comprehensive than the earlier Act of 1940. It consists of 86 sections divided into 4 parts. Arbitral award treated at per with a decree: Another notable feature of the Act of 1996 is that the arbitral award and settlement arrived at during conciliation proceedings have at per with the decree of the court. In