Assistance in Arbitration proceeding
Why Choose Dastawezz ?
Arbitration is a method of alternative dispute resolution that emerged to prevent Court litigation and resolve the disputes quickly and amicably. An amicable settlement doesn’t mean compromising at any cost. The arbitration provides an alternative mode of dispute resolution through an arbitrator. It includes a selection of the neutral third person who is an expert in the area of the arbitral issue. All the parties are bound by the rule and the time limits fixed by the arbitrator within which the dispute is to be settled.
Steps involved in the process of hearing of the parties:
- Preliminary hearing and information exchange stage: After the appointment and confirmation of the arbitrator, the preliminary hearing of the arbitration begins when the parties call their arbitrator to fix the schedule. In the preliminary meeting, issues are addressed, the exchange of information is done between the parties and the next hearing date is scheduled. On the next date, the arbitrator will issue a written document called a ‘scheduling order.’
- Hearing Stage: During the stages, the parties present their case to the arbitrator. This process can take place in person, over the telephone, or by submitting written documents or arbitration agreements and applicable rules that govern the case. Parties are required to submit written arguments after hearing, at the direction of the arbitrator.
- Award Stage: After the completion of the hearing, the arbitrator determines no more evidence will be presented. The hearing is closed and a date is fixed for the issuance of the award.
The arbitrator renders a written award and outcome of the case and it is sent to the parties.
- Arbitral Award: An arbitration award is a final order given by the arbitrator. This award can be in terms of monetary relief to one party by other parties. It can also be a non-financial award such as adding employment incentives or stopping such business practices.
There are two types of the arbitration award:
- Interim award: This is a temporary award given by the tribunal during the course of the proceedings. An Interim award can only be made by the tribunal which has the power to grant a final award. Interim orders are often given for the payment of money or the disposition of property between the parties and an order to make an interim payment is on account of the costs of the arbitration.
- Final award: The final award is the order or judgement given by the arbitrator after the due process of arbitration. An arbitrator shall state the reason upon the decisions made in the award. After the pronouncing of the final award. it shall be signed by all the arbitrators and the parties. Till the completion of 90 days, other parties have the right to challenge the award in the Court till the party in whose favour the award is given cannot enforce the award.
ADVANTAGES / FEATURES
In this competitive world, the delay in resolving the disputes cost a huge loss to the corporation. Parties want to solve their disputes speedily and amicably. The major significance of arbitration is the privacy and confidentiality of the proceeding.Generally, parties don’t want their disputes to become public and diminish the image of the company. Arbitration is very flexible in time and procedure and arbitration plays after parties’ autonomy.