Arbitration is an effective alternative dispute resolution mechanism, wherein the parties agree to resolve any disputes, normally of commercial or corporate nature, through an arbitration or an arbitral tribunal. Arbitration is an adversarial process where one party makes a claim against another party before an independent person, who adjudicates disputes after giving equal opportunity to the parties to complete their pleadings and by appreciating evidence. Many contracts, domestic and International, contain an arbitration clause, where parties agree to opt for individual arbitrators or institutional arbitration, and in case of institutional arbitration, the institution appoints the arbitrator for the purpose of arbitration to ensure speedy disposal of the dispute. Unlike judicial proceedings, arbitration is private in nature. The award passed by an arbitrator is final and binding and can be challenged in appeal only if there is any mis-conduct in the proceedings.
BIMACC offers both domestic and International arbitration. The domestic arbitration will be covered under Arbitration and Conciliation Act, 1996, however for International arbitration, Arbitration and Conciliation Act, 1996 would not apply for the reason that while drafting the contract, the parties may draft the contract in the following manner,
“The Parties hereby may agree that all disputes shall be referred for arbitration under the Bangalore International Mediation, Arbitration and Conciliation Centre Rules, the place of arbitration shall be at ……..”
However, the parties may choose the venue for arbitration to be at Bangalore or any other city as they deem fit. Any award passed by BIMACC shall be deemed to be a foreign award. BIMACC has a panel of International arbitrators who have expertise in various commercial, engineering, Intellectual property and corporate disputes. The Centre will assist parties to choose arbitrators for both domestic and International arbitration and BIMACC Arbitration rules will apply.