September 15, 2021 by eklose
The existence of a dispute is an essential condition for arbitration. If the parties have settled the dispute effectively, they cannot refute the transaction and cannot invoke an arbitration clause. (10) Clause 5 of Section 7 provides that an arbitration agreement may also take the form of a reference to an agreement or document containing an arbitration clause. But two things are essential – the intention of the parties is of the utmost importance and forms the core of the agreement. There is no mandatory way to enter into an arbitration agreement and nowhere has it been found that concepts such as arbitration, arbitrators are essential conditions in an arbitration agreement. The Supreme Court has recently clarified its position on this matter and the intention of the parties to refer their dispute to arbitration should be clearly identified in the arbitration agreement. [iii] 1. Those who are aware of this tend to incorporate the traditional elements of the courts into arbitration. For example, in several countries, during arbitration proceedings, the parties rely only on written requests to the arbitrator to settle disputes, but in India, oral arguments and written answers remain a preferred choice of representation. In this article, we will try to understand the conditions for designing an arbitration clause and making it valid and enforceable. Language is one of the essential elements of the proper functioning of arbitration. In the absence of an explicit provision, disputes may arise over the language in which the arbitration proceedings are to be conducted. In the pioneer case of K.K.
Modi v. K.N. Modi and Ors. (1998) 3 SCC 573 was decided by the Supreme Court of Hon`ble that the following attributes must be included in an arbitration agreement: we can therefore find, from the above article, that an arbitration agreement is beneficial not only for the parties while preserving resources, but also in terms of the time and effort of each of the parties. Although some people say that this is not a complete procedural aspect of handling cases, it is explained that it helps both parties who faced the dispute. . . .