Correction and Interpretation of Award

Arbitration and Conciliation Act

The Arbitration and Conciliation Act, of 1996 defines International Commercial Arbitration as a dispute arising from a legal relationship where at least one party is a foreign national or resident. International commercial arbitration can be used to settle various debates, including those related to contracts, intellectual property, investments, and construction. It is frequently used in cases where the parties associated with the discussion have a commercial relationship and want to continue a working connection after the dispute is resolved....

Conciliation in Contract Act

Conciliation means a process, whether mentioned to by the uttering conciliation, contemplation, or an expression of similar import, whereby parties request a third person or persons (‘the conciliator’) to help them in their strive to reach a friendly settlement of their debate arising out of or relating to a fair or other lawful relationship. The conciliator does not have the authority to bring a mixture to the dispute upon the parties....

Difference Between Arbitration and Conciliation

Below is the difference between Arbitration and Conciliation....

What is Statutory Arbitration and Statutory Conciliation?

Statutory arbitrations are arbitrations managed by the supply of certain special acts that furnish arbitration concerning discussing emerging matters covered by those acts. There are 24 such Central Acts....

What is the Recourse Against Arbitral Award?

Recourse to a Court opposed to an arbitral award may be constructed only by a petition for setting apart such award by subsection. Sub-section  The arbitral award is in dispute with India’s public policy. It conflicts with the most primary notions of morality or justice....

Temporary Measures of Arbitration Act

The term “temporary measure” covers a broad range of sequences. Most interim measures are granted at a premature stage of controversy. They are short-term orders given by the court that need a party to perform or abstain from performing a specific act to preserve the status quo. It is usually allowed on a provisional basis pending a final resolution of the dispute, i.e. they are subject to later adaptation or set aside by the arbitral tribunal....

Difference Between Arbitration and Conciliation

Features Arbitration  Conciliation  The character of the third-party The arbitrator acts as a decision-maker and gives a final and blind decision. The conciliator acts as an arbitrate and facilitates talks between the parties but does not make a final decision Legal Binding The conclusion reached by the arbitrator is legally irrevocable and enforceable by law. The agreement reached through conciliation is not legally unbreakable unless the parties voluntarily decide to formalise it into a commitment. Process Control  The parties have limited control over the arbitration process as the arbitrator controls the rules and line of action. The parties have more power over the conciliation process as they actively take part in negotiations and decide the result....

Correction and Interpretation of Award

The parties are free to agree on the powers of the arbitral tribunal to correct, interpret an award or make an additional award. If, or to the extent there is no such agreement, the following provisions shall apply. Within 30 days of receipt of the award, unless another period has been agreed upon by the parties: A party, with notice to the other party, may request the arbitral tribunal to correct in the award any errors in computation, any clerical or typographical errors or any errors of a similar nature; or If so agreed by the parties, a party, with notice to the other party, may request the arbitral tribunal to give an interpretation of a specific point or part of the award....

Arbitral Award – Finality (Section 35)

It is supplied under section 35 of the Arbitration and Conciliation Act, 1996 that the given after an arbitration proceeding shall be irrevocable on the parties to the begin. When an arbitral award is made it is entirely concerning all the proportion and implies that no more steps can be taken further by the arbitral tribunal. The grant has a binding effect on the parties....

Effect of the 2015 Amendment

Ahead of the amendment of 2015 to section 36, if an award is questioned in the court, it would imply a mechanised stay on the arbitral award. But now the location has been changed and the provision of the automatic stay on the award by just by the petition has been pieced out. This was important as the party aggrieved by the award would use the filing of a request challenging the award as a biased instrument to put a wait on the arbitral award....

Arbitration and Conciliation Act – FAQs

How do I know if I have to go to court or appeal to arbitration for a debate?...