International arbitration is the preferred method of resolving cross-border disputes. International arbitration allows the parties to avoid local court procedures. International arbitration has different rules than domestic arbitration, and has its own non-country-specific standards of ethical conduct. This column describes about international arbitration; different international forums and tribunals; all about international arbitration in India; importance of arbitration clause and what the clause should contain; invoking of arbitration; commencement and hearings; arbitral award; enforcement of arbitral award; interim reliefs from court; challenging of arbitral award; appeals; cost and expenses; international arbitration outside india and institutional arbitration.
Seat in India
International Arbitration with seat in India- In an Institutional Arbitration the agreement stipulates that in case of a dispute or differences arising shall be referred to and finally resolved by arbitration administered by the institution in accordance with their rules, which rules are deemed to be incorporated by reference in the arbitration clause. By this International arbitration allows the parties to avoid local court procedures.
Enforcement of Awards
Domestic awards are governed by Part I whereas foreign awards are governed by part II of the Arbitration and Conciliation Act of India. A Foreign award means an arbitral award which relates to differences relating to the matters considered as commercial under the law in force in India, made as a result of foreign arbitration not being a domestic one. Prior to applying for enforcement and execution of the award will need to wait for the appeal period to expire.
The seat of arbitration shall be the jurisdiction for appeal to setaside an arbitral award. Section 37 of the Arbitration and Conciliation Act, 1996 refers to appealable orders wherein (1) An appeal shall lie from the following orders (and from no others) to the Court authorised by law to hear appeals from original decrees of the Court passing the order, namely:-- [(a) refusing to refer the parties to arbitration under section 8; (b) granting or refusing to grant any measure under section 9; (c) setting aside or refusing to set aside an arbitral award under section 34.] (2) An appeal shall also lie to a Court from an order granting of the arbitral tribunal.— (a) accepting the plea referred in sub-section (2) or sub-section (3) of section 16; or (b) granting or refusing to grant an interim measure under section 17.
Frequently asked questions on International arbitration; questions in relation to law firms attending to International arbitration and all related questions; Glossary of general and legal terms on International arbitration; General procedure, steps and rules follwed by institutional arbitral tribunal; the top-tier law firms, solicitor firms and recommended and rising stars attending to International arbitration work in India and Indian solicitor firms attending to International arbitration overseas can be found in this section.