Saturday, September 24, 2016

International Commercial Arbitration

International Commercial Arbitration
Arbitration as a mechanism of justice is as old as civilization. Arbitration literally means a mechanism in law which encourages parties to settle their differences privately either by mutual consensus or by mediation of a third person. It was prevalent under the Roman law and the Greek civilization in the sixth century. Earlier in England, the attitude towards arbitration was generally hostile but business exigencies changed the scene, in course of time as a yielding place for commercial arbitration. Ancient India had many traditions of arbitration/ mediation up to the medieval period. The questions like what is the purpose of arbitration?, what are prevalent treaties and conventions regarding arbitration?, what are the laws present in India dealing with arbitration? are dealt in detail in the paper, as human conflicts are inevitable so are the disputes. It is difficult to imagine a human society without conflict of interest. Disputes must be resolved at the minimum possible cost both in terms of money and time.
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