BY:-
DEEPTI SINGH(11)
PRERNA SHUKLA(30)
“ARBITRATION AGREEMENT”
means an agreement by
the parties to submit to arbitration all
or certain disputes which have arisen
or which may arise between them in
respect of a defined legal relationship
or not.
[sec.7(1)]
The person who is appointed to determine
differences and disputes is called the
ARBITRATOR or ARBITRAL TRIBUNAL.
The proceedings before arbitrator are
called arbitration proceedings.
Arbitrator’s decision is called an AWARD.
Arbitral tribunal may consist of a sole
arbitrator or a panel of arbitrators.
The no. of arbitrators shall not be in even
number.
Essentials of Arbitration Agreement:-
It must be in writing.[sec.7(3)]
It must have all the essential elements of
a valid contract.
It must be to refer a dispute, present or
future, between the parties to arbitration.
It may be in the form of an arbitration
clause in a contract or in the form of a
separate agreement.[sec.7(2)]
ADVANTAGES OF ARBITRATION:-
BY:
Prerna Shukla(30)
Deepti Singh(11)
CASE:1