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Hello friends today we shall talk about various aspects of the limitation act governing the arbitration proceedings. Although there are no specific sections in the limitation act regarding the arbitration proceedings. But still some provisions of Limitation Act are applicable on Arbitration proceedings, let us see how. Sec 21 and 43 of the Arbitration and  Conciliation Act Sec 43 of the Arbitration Act stipulates that the Limitation act will also apply to arbitrations as it applies in Courts.  For purpose of this section, date of commencement of arbitration proceedings shall be computed in accordance with Sec 21 of the Arbitration Act according to which unless otherwise agreed, arbitral proceedings are deemed to commence on the date when a request to refer a particular dispute for arbitration is received by respondent.  Moreover as per Sec 43 , in case an arbitral award is set aside by the court, then time taken during such proceedings shall be excluded for the pur...

  Hello friends today we shall discuss some of the important provisions of the Arbitration and Conciliation Act, 1996 (amended as upto date). The main objective of this act is to facilitate the parties   involved to try and solve the dispute in a fair, efficient and with minimal intervention of the courts. The following are some of the important sections of the said act explained in simple terms :- Sec7 —this section talks about the term arbitration agreement . The pre-requisite of starting an arbitration is the need of an arbitration agreement which shall be in writing. It may be incorporated as a clause in the main contract or be entered separately by the parties to it. Sec 8 —it deals with the power of the parties to refer a dispute before arbitration. It means that in case one of the parties to an arbitration agreement files a suit before the court, in such an event, the other party may at the first possible instance and before filing its defense file an application be...

                                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...