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WHAT IS ARBITRATION ?

ARBITRATION (Under arbitration and conciliation act, 1996) INTRODUCTION The Indian law of arbitration is contained in the Arbitration and Conciliation Act 1996 (Act).1 The Act is based on the 1985 UNCITRAL Model Law on International Commercial Arbitration and the UNCITRAL Arbitration Rules 1976 .The Act is a composite piece of legislation. It provides for domestic arbitration; international commercial arbitration; enforcement of foreign award and conciliation (the latter being based on the UNCITRAL Conciliation Rules of 1980). Arbitration is most commonly used in the resolution of commercial disputes and is distinct from  mediation  and conciliation. MEANING Sec 2(1)(a) of A&C act ,1996 defines Arbitration. Arbitration, a form of  alternative dispute resolution  (ADR), is a way to resolve disputes outside the  courts . The dispute will be decided by one or more persons (the "arbitrators", "arbiters" or " arbitral tribunal "), which renders the " a