Arbitration and Conciliation Act helps the judiciary in minimising the pending cases. It provides an alternative forum to the parties so that they can resolve their disputes without paying much as a court fee or other legal charges. In addition, parties can get speedy resolution of their disputes.
In this article, we will get to know about the objective of the Arbitration and Conciliation Act. But why do you need to know about the objective? What is the reason behind knowing the objective of any act? The objective of the act tells us the reason and how the act can be beneficial to us. Why the act was enacted and what was the reason for Legislation behind it’s enactment.
The objective of Arbitration and Conciliation Act, 1996 is to cover the cases related to domestic and International Commercial Arbitration and Conciliation.
We know the importance of fair procedure but how the parties of Arbitration and Conciliation proceedings will get fair and transparent proceedings. So, the next objective if this act is to provide fair, effective and transparent Arbitral Proceedings.
Arbitratral proceedings are not Judicial Proceedings. So, the objective of the Act is to minimise the intervention or supervision of the Court in Arbitral Proceedings.
The objective is to ensure equality among the parties in which the parties get their dispute resolved effectively and efficiently without any biases.
It’s objective is to enforce the final Arbitral awards because if the Arbitral awards aren’t enforced then there’s no need to arbitration and Conciliation among the parties.