Dispute Resolution @ Bombay Chamber
Arbitration is a private dispute resolution process where one or more impartial arbitrators are appointed to hear the parties’ arguments and evidence before rendering a binding decision, known as an award. It offers a quicker, cost-effective, and confidential alternative to litigation, especially suited for commercial disputes. The legal framework for arbitration in India is provided by the Arbitration and Conciliation Act, 1996.
The existence of an arbitration agreement is a sine qua non for exercise of jurisdiction under section 11(6) of the Arbitration and Conciliation Act, 1996. Parties should incorporate in their respective commercial and service agreements a clause for arbitration of the disputes arising out of breach of the contractual obligations.
The enactment of Arbitration and Conciliation Act, 1996, has imparted a greater finality to the Arbitration and Conciliation proceedings which has, consequently, found favour with a large number of leading companies which are the members of the Chamber and whose commercial disputes have been arbitrated satisfactorily. The Chamber has a Panel of Arbitrators comprising of eminent senior industry professionals, retired judges of the High Courts and other Courts, and others who possess the requisite expertise.
Dispute sent to the Chamber for arbitration.
Legal Department prepares a case summary.
Both parties receive a notice of arbitration initiation.
Each party submits fees and fills Form ‘A’.
The Arbitration & Conciliation Committee selects an Arbitrator from a confidential panel.
Appointed Arbitrator’s approval is obtained.
Arbitration proceedings are conducted at the Chamber.
Senior officer assists; secretarial support & computerized records are available.
The Bombay Chamber of Commerce and Industry recommends to all parties desirous of making reference to Arbitration of the Bombay Chamber, the inclusion of the following arbitration clause in their contracts/agreements:
“All disputes or differences whatsoever arising between the parties out of or relating to the construction, meaning or operation or effect of this contract / agreement or breach thereof shall be settled by arbitration in accordance with the Rules of Arbitration and Conciliation of the Bombay Chamber of Commerce & Industry and the Award made in pursuance thereof shall be binding on the parties”.
On the basis of the Arbitration and Conciliation Act, 1996, the Bombay Chamber has made its Rules for Arbitration and Conciliation.
These can be obtained from the Chamber’s Office on payment of Rs.100/- only.
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