Arbitration(ADR)

  ADR (Alternative Dispute Resolution System)             Dispute Resolution is a process of deciding a dispute or a conflict that has arisen between transacting parties. ADR is an alternative to the formal legal system and is also an alternative to litigation. ADR Procedures are usually less cost and more expeditions. ADR mechanism provides scientifically develop technic to Indian judiciary. Which helps in producing the burden on the courts. ADR provides various modes of settlements including, Arbitration Consolidation Mediation Negotiation and Lok Adalat Arbitration: Adjudicatory process in the nature of adversely proceeding where in the parties submit their disputes to a neutral third-party arbitrator for a decision. Arbitration is a contract-based form of binding dispute resolution. It is purely on the basis of parties agreement as if disputes arises it may be referred to arbitration. There are four requiremen...