FREE COMPLETE STUDY MATERIAL NOTES FOR IBBI EXAMINATION

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ONLINE BATCH STUDY MATERIAL-50 HRS EDUCATIONAL COURSE UNDER RULE 5(1) READ WITH RULE 12(2)(a) FOR REGISTRATION AS VALUERS UNDER THE BANNER OF CEV IAF RVO

 

UNIT-4

CHAPTER-5

SALIENT FEATURES OF ‘‘THE ARBITRATION AND CONCILIATION ACT, 1996’’ AND MEDIATION

PART-I

ARBITRATION

 

Arbitration is a means of securing an award on a conflict issue by reference to a third party. It is a process in which a dispute is submitted to an impartial outsider who makes a decision which is usually binding on both the parties. It is a process where there is a hearing and a determination of a cause between parties in controversy by a person or persons chosen by them, or appointed under a statutory provision. The parties submit their disputes/issues and are bound by the award of an arbitrator in relation to the matter which is in dispute between them. The arbitrator enforces his own point of view on the contending parties and the opinions of the participants are not given any predominance. The award of the arbitrator is binding and rests on equity and

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