JUDICIALIZATION OF ARBITRATION: THE NEW TREND IN INDIA
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Abstract
In present day business, transactions and globalization is taking place simultaneously around the world at a very fast pace. The general problems faced by the corporations and countries in different transactions are very common in their policies and economies. To overcome these problems a new and modern technique used by them is Arbitration.
Arbitration is a form of alternative dispute resolution method which is a technique used legally for the resolution of disputes between parties outside the courts in private, wherein the parties to a dispute refer it to one or more than person as they prefer called ‘Arbitrators’ to give the disputes an suitable ending through a decision they agree themselves to be bound known as an award.
In that sense, International Commercial Arbitration (ICA) is a private method of dispute resolution, though legal, which is chosen by the parties to the dispute as a way of solving the disputes between them, without going to the courts. It is conducted in various countries and with different legal and commercial backgrounds.
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