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Arbitration is the private, judicial determination of a dispute, by an independent third party.
Arbitration is one of the Alternate Dispute Resolution method or process to resolve the civil or commercial nature disputes between the parties with their will and interest by appointing the arbitrator as agreed mutually by the parties to the proceedings, is also a Quasi Judicial process.
In India Arbitration proceedings are governed as per Arbitration and Conciliation Act,
My2 cents. Thanks.
Arbitration is based on the misbegotten belief that arbitrators will act more effectively and impartially than judges of the national court, overlooking the syndicate within the arbitration system.
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