International standardization of arbitration as an alternate dispute resolution forum and its acceptance in India

Author:Harsh Pathak
Position:Advocate Supreme Court of India
Pages:99-107
SUMMARY

With trade and commerce increasing rapidly between nations, there has been a significant rise in disputes, leading to an urgent need for an effective and unified dispute resolution system which can sufficiently settle disagreements/issues among parties in dispute and which has to be arrived at keeping in mind the differences in laws of every nation, hence, immensely increasing the scope of... (see full summary)

 
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International standardization of arbitration as an alternate dispute
resolution forum and its acceptance in India
Dr. Harsh PATHAK
1
Abstract
With trade and commerce increasing rapidly between nations, there has been a
significant rise in disputes, leading to an urgent need for an effective and unified dispute
resolution system which can sufficiently settle disagreements/issues among parties in
dispute and which has to be arrived at keeping in mind the differences in laws of every
nation, hence, immensely i ncreasing the scop e of private international law, or conflict of
laws as called by different nations. Such urgency led to many conventions, one of most
important being The New York Convention o f 1958 (Convention on the Recognition and
Enforcement of Foreign Arbitral Awards) and the UNCITRAL Model Law promulgated in
1985 and amended as recently as 2006 which has been the source for International
Arbitration, th e most widely used dispute resolution method for international commercial
trade and tran sactions and many countries like India have also based their legislations on
the rules of the UNCITRAL Model Law. Most European countries as well as India h ave
ratified the New York Convention of 1958 (Convention on the Recognition and Enforcement
of Foreign Arbitral Awa rds) for the purposes of International tra de and commercial
transactions therefore opening the gateway for international commercial transactions to
take place among such convention countries easier. Further, the judiciary of concern ed
countries h as also affi rmed s uch ratification a nd the app licability of the Model Law laid
down
Keywords: Arbitration, Dispute, Contracts, Legal Stra tegy, Agreement, Cross
Border Transactions, Award, Damages, International Commercial Arbitration, Dispute
Resolution, India.
JEL Classification: K22, K33
1. Introduction
There has been a significant rise International commercial transactions,
leading to an urgent need for an effective and unified dispute resolution system
which can sufficiently settle disagreements/issues among parties in dispute and
which has to be arrived at keeping in mind the differences in laws of every nation,
hence, immensely increasing the scope of private international law, or conflict of
laws as called by different nations. One of the challenges posed before adjudicators
is decision on award of damages their quantum, period over which they are to be
assessed and requirement of mitigation by the claiming party with the qualification
that the requirement of mitigation has to be seen keeping in mind that it should be
reasonable to expect mitigation and not ‗undue‘.
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Harsh Pathak - MBA, LLB., PhD, Advocate Supreme Court of India, dr.harshpathak@gmail.com .

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