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Arbitration Agreement is a form of Alternate Dispute Resolution wherein the parties can refer a dispute which arises during the course of a business transaction, to a third party who is neutral and preferably an expert in the subject matter and resolving them. The decision of such an arbitrator/s is final and binding upon the parties and the scope of its appeal to a higher authority is very limited.
There are multiple advantages of resorting to arbitration:
According to The Arbitration and Conciliation Act, 1996, Arbitration Agreement is an agreement between the contracting parties to resort to arbitration proceedings in case of all or certain disputes, which may arise in course of business and transactions. An arbitration clause in the primary agreement, instead of a separate agreement also serves the purpose, though a separate Arbitration Agreement is always a wise choice for being detailed and exhaustive.
It must be an agreement in writing reviewed and signed by authorized representatives of both the parties.
As per common law, the arbitral tribunal does not have the power to make modifications to the existing provisions of the primary agreement. It shall only interpret the clauses as per the given terms and not add or amend anything.
It is worthwhile to note that the award of the Arbitral Tribunal is legal and binding upon the parties and may only be challenged in the Courts if there is an error apparent on the face of it.
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