Arbitration is a procedure where a dispute is submitted, by agreement of all the parties involved, to one or more arbitrators who make a binding decision on the dispute. Parties opt for a private dispute resolution procedure instead of going to court, in arbitration.
Conciliation is defined as the process of amicable settlement of disputes by the parties with the assistance of a conciliator. It is distinguished from arbitration. In arbitration the award is the decision of the third party or of an arbitral tribunal, where as in conciliation the decision is of the parties arrived at with the mediation of the conciliator.
The Indian law of arbitration and conciliation is contained in the Arbitration and Conciliation Act 1996 (Act).The Act is based on the 1985 UNCITRAL Model Law on International Commercial Arbitration and the UNCITRAL Arbitration Rules 1976.
Bonum Lex expertise and assistance in arbitration includes the conduct of arbitration, interim reliefs in terms of Section 9 of the Arbitration Act, avoiding the pitfalls caused by a shallow understanding of terms like the “seat” and the “venue” of arbitration and grounds for appeal against awards by Tribunals.