Globalisation has become the norm of the new age as developing countries seek to expand their trade and attract foreign investment internationally. The opening of these domestic doors to foreign investors will inevitably result in more conflicts. Even in local scenarios. The intrinsic complexity of international commerce (or local commerce for that matter), as well as the inherent cultural and legal differences between trading nations (or various cultures within the locality), will result in a much difficult position in matters of legal conflicts among business or workers and business in that effect.
The Arbitration Law allows any controversy existing between the parties and which may be the subject of an action or the parties to any contract may in such contract, agree to settle by arbitration arising between them. Such shall be valid, enforceable and irrevocable, save upon such grounds as exist at law for the revocation of any contract. This exemplifies the idea of mutual benefits between the parties. This will also save both parties time and money than going to court. Moreover, by entering into arbitration, the parties will be at liberty to settle controversies between them more beneficial which the court may not be able to decide.
Arbitration proceeding may include questions arising out of valuations, appraisals or other controversies which may be collateral, incidental, precedent or subsequent to any issue between the parties. Arbitration, the law grants the parties the right to select an arbitrator or arbitrators and to choose procedures to govern the proceedings. So long as the main requirement for arbitration, namely consent, is present, the State allows the parties to conduct the arbitration in any manner provided that the arbitration process is not contrary to law or public policy.
The best thing about the rules arbitration is that it does not cover in detail the strict elements of procedure. Instead, the parties institutionalise rules to cover such matters as the commencement of arbitral proceedings with a little part of legal technicalities. Accordingly, in the absence of agreement by the parties, specific procedural matters are left to the discretion of the arbitral institution or the arbitrator(s). Furthermore, these institutional rules tend to apply to all arbitrations.
If the parties settle the dispute while the arbitral proceeding is on-going, the arbitral tribunal or arbitrator shall terminate the proceeding and, if requested by the parties and not objected to, record the settlement in the form of an arbitral award on agreed terms. An arbitral award, irrespective of the country in which it was made, shall be recognised as binding and, upon application in writing to the competent court, shall be enforced subject to the provisions of the provisions of prevailing laws.
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