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PROBATE  In layman terms, it means the will certified by the court of law. It can be used to get the will authenticated by the court of law.  It cannot be granted to a person of unsound mind or minor or association of person. Although it can be granted to a company which satisfies the rules prescribed in the notification as per the Official Gazette by State government.  LETTERS OF ADMINISTRATION  This phrase is used in the Hindu Succession Act. It is widely used in cases where a person dies intestate, in other words, without executing any document like will, etc. It can be applied by the beneficiary of the deceased which after obtaining the same from the court becomes entitled just like the executor in case of a will. It cannot be granted to any person who is a minor or person of unsound mind or an association of person unless it is a company which satisfies the rules prescribed in the notification as per the Official Gazette by State government.  Underlying dif...

                                INTRODUCTION In current scenario, with the advent of commercialization on its utmost peak, no viable offer / deal can be said to complete without reducing the same into writing. In other words, for every work undertaken, parties come to consensus which can be finalized only after entering into an agreement, Now once agreement is entered between the parties, it is inevitable that there shall be a need to choose a machanism in order to settle the dispute if any that might arise between the parties during the execution of the said agreement. Hence, most often, in recent times, almost every agreement which is commercial in nature, contains an arbitration clause. As per this, it is agreed between the parties that in case any dispute arise between them, then the same can be governed by the principles of Arbitration & Conciliation Act. Once, the arbitrator is appointed by whateve...