Q: What do we mean by Arbitration ?

Ans: Arbitration is a dispute resolution process that takes place outside the judicial system, where the dispute is referred to and resolved by an arbitrator rather than a judge. Unlike the court process, arbitration is private and the parties to the contract have control over all the procedural aspects of arbitration. All parties involved in the contract must agree to resolve disputes through arbitration through an arbitration clause inserted in the contract. The outcome of the arbitration process is the final award which is written by the arbitrator and operates as a court decree. Arbitration is a process to resolve the disputes of the parties, through procedural rules that can be decided by the parties, in a time fram2e that's suitable for the parties. The arbitrators appointed, and the powers given to them are decided by the parties in a manner that is deemed to be appropriate to resolve their dispute.

Conclusion: 

In choosing arbitration, the parties opt for a private dispute resolution procedure instead of going to court. 

Arbitrator is typically an officer of the same government organisation. He is the sole arbitrator.

The 1996 Act casts a duty on the Courts to appoint arbitrators who are impartial and independent in their demeanour if the parties fail in the appointment of arbitrators. Such being the case, the Apex Court has held that in appointing an arbitrator , the court can deviate from the mandate of the arbitration agreement.

The award is binding on the parties. The subject matter is capable of settlement by arbitration under the laws of India; and the award is not in conflict with the public policy of India.

An application may lie under section 34 of the Arbitration Act for setting aside an arbitral award and under section 37 , the appealable orders are mentioned under arbitration and conciliation act,  1996.

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