Context: The foundation stone for the International Arbitration and Mediation Centre in Hyderabad was laid by Chief Justice of India N.V.Ramana recently.
Key takeaways
IAMC-Hyderabad is India’s first arbitration centre for alternative dispute resolution.
Although arbitration centres have already been set up in India, most prominently in Delhi and Mumbai, domestic and international parties still appear to prefer the foreign arbitration Centres.
Alternative Dispute Resolution (ADR) Mechanisms
ADR is a mechanism of dispute resolution that is non adversarial, i.e. working together co-operatively to reach the best resolution for everyone.
ADR can be instrumental in reducing the burden of litigation on courts, while delivering a well-rounded and satisfying experience for the parties involved
Arbitration: The dispute is submitted to an arbitral tribunal which makes a decision (an “award”) on the dispute that is mostly binding on the parties.
Mediation: In mediation, an impartial person called a “mediator” helps the parties try to reach a mutually acceptable resolution of the dispute.
Arbitration and mediation have a long history in India.
Recently they have acquired prominence across the world as methods of dispute resolution.
Alternative dispute resolution methods are beneficial to the parties due to various reasons
