India’s first International Arbitration and Mediation Centre, Hyderabad
Recently, the Chief Justice of India laid the foundation of ‘International Arbitration Centre’ in Hyderabad.
It was proposed by the ‘International Arbitration and Arbitration Center Trust’. IAMC-Hyderabad is India’s first arbitration center for ‘Alternative Dispute Resolution’.
What is Arbitration?
- Arbitration is an alternative dispute resolution (ADR) process in which disputes relating to the settlement are brought before one or more arbitrators by the parties to a settlement. The decision of these arbitrators on the dispute is binding on the parties concerned.
- Arbitration is opted by the parties as an alternative instead of going to court through a ‘private dispute resolution process’.
About Conciliation:
- Conciliation, also an alternative dispute resolution measure, is where the parties try to reach an amicable dispute resolution with the help of a ‘conciliator’. The ‘conciliator’ acts as a neutral third party.
- It is a voluntary proceeding, in which the parties involved are free to agree and attempt to settle their dispute by conciliation.
Source – The Hindu
