3 Steps To Get Your Dispute Resolved At National Arbitral Tribunal

National Arbitral Tribunal is the place to get our dispute resolved in fast way. It’s just a 3 step process and parties get their dispute resolved within 4 months. Following process tell us how the case are being entertained in the arbitration tribunal

 1.Agreement – By Arbitration agreement National Arbitral Institute gets authority to commence an arbitration proceeding. There can be two cases:-  

                        

i). Future Dispute-  Parties can mention in the agreement through a clause or made a separate agreement that if they have any dispute they will refer to National Arbitral Tribunal. 

ii). Existing Agreement- Parties can come through mutual consent come to tribunal by making an agreement that they want their dispute to be resolved through National Arbitral Tribunal 

Even when the case is being going in any court, any of the party involved can file a application that they want to resolve their case through arbitration institute than the court will have to refer the case to arbitration institute. 

2. Proceeding- Once the case come to arbitration institute then commences the arbitration proceeding the claimant submits its statement of claim and respondent is given time to submit statement of defence. Each party is being given equal & reasonable opportunity to present their case. It’s a flexible process as the parties can demand time and date according to their preference. Even the parties involved can select the language in which they want to conduct their proceedings. The parties can themselves represent their cases or can appoint a lawyer or someone as arbitration lawyer to represent their case

3.Judgement/ Award- Final step is judgement or award by the arbitrator on the basis of claims and defense by the parties .The award are given in same manner as given by any civil court and are enforceable in the same way. Award is binding upon both parties. The best part of judgement given by arbitration tribunal is there is narrow scope of appealing against judgment/ award passed by arbitrator

       The main motto behind setting arbitration institute is to make proceeding fast, economic, confidential, flexible, the parties are given full opportunity to represent themselves in any language they want and the judgement passed are by the former judges of the court. We can conclude that it’s a law with many benefits. The only drawback with this law is unawareness among the masses, most have blurred picture of arbitration in their mind and we are not able to take advantage of arbitration institute.