CA Can Also Act As Arbitration Lawyer

To speed up the economic activities in India and settle industrial dispute in less time so that it does not affect the business of parties involved have given rise to arbitration & conciliation act 1996.

Prior to it, in solving the commercial cases through arbitration, court intervention was required at all the three stages prior reference of dispute to arbitral tribunal, during the proceeding, after the award passed by tribunal, rather than making judgement quick it used to increase the proceeding.

To overcome all these Arbitration & Conciliation Act 1996 was passed. Essence of the act lies in following:

Ø  It made act more responsive

Ø    Minimize supervisory role of court in arbitral process

Ø   It also provided that every final arbitral tribunal award is enforced in same manner as if it were decree of court.

Ø  Narrow down the scope of appealing/challenging the award.

New act also opened the gate for professional like ca , cs to act as arbitration lawyer and help their companies to get speedy judgement. CA / CS hold key position in the industries all the agreements or contracts the company makes seeks their assistance for drafting, verifying the clauses in these documents.

To avoid long litigation process in case of breach of contract, taking property on lease, recovery of payment, patent, copyright or any other civil matter, parties can mention arbitration clause at the time of agreement, that if any party don’t perform their role than the matter will subject to arbitration institute to resolve the matter.

Advantages of resolving dispute through arbitration institute are its relatively simple, economic, quick judgement & even privacy can be maintained. These institute work on the rules laid down by them and judgements are given by former judges.

The only drawback of these arbitration institute’s is that people are not aware about it and have doubts in their mind about the cost involved and validity of judgement but the reality is parties have the idea of cost involved in the case the day they approach and the awards given by such institute are enforceable in the same manner as those given by any civil court.

CA and other professionals can use this  alternative dispute resolution method to help their companies in easy going of their business and protect themselves from all disputes and waste of their resources