Commercial law provides the arrangement of arbitration. It is a means of settling disputes between the two parties with an arbitrator in between for listening to the arguments and assessing the evidences given by them. The arbitration process requires an Indian corporate lawyer if the entities involved are governed by the Indian Corporate Law.
The commercial arbitration is mainly of three types:
- Fast track arbitration: To make the process faster, fast track arbitration option is available. The aim is to settle the matter in the least possible hearings. All time-consuming methods are replaced to ensure speedier settlement.
- Ad hoc arbitration: In this process, the parties are free to choose and agree upon their preferred set of rules and procedures. It is free from all guidelines laid down by any institution for arbitration.
- Institutional arbitration: This process follows the rules and regulations of an arbitration institution. Only those who agree to comply with the institution’s guidelines to resolve the dispute should follow this process. It may take time and may need the expertise of lawyers to understand the guidelines and presenting the case.
Commercial arbitration also covers those issues that involve businesses beyond boundaries. Based on the geographical settings, the arbitration of commercial matters is classified as:
- Domestic arbitration
- International arbitration
Domestic arbitration: This arbitration involves companies located in India and follow the Indian Commercial Law. The disputer should arise in India to qualify for this arbitration.
International Arbitration: An institution that has any element of trans-national nature needs to follow international arbitration guidelines. The lawyers first assess the facts of the case, refer to the guidelines or codes, and then advise if the matter belongs to international arbitration category or not.
Whatever the situation is, hire the best Indian Corporate Lawyer with complete knowledge of arbitration laws and principles to solve the disputes. It can help in getting the best outcomes and minimize the setbacks. Arbitration helps get speedy decisions and to settle the matters without going through longer court procedures. Thus, the parties can go on with their work or resume normalcy quicker.
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