The history of arbitration
- In Greek mythology, arbitration was used when Juno, Pallas Athene, and Venus could not agree on who was the most beautiful. Philip II of Macedonia, father of Alexander the Great, also used arbitration to resolve territorial disputes.
- Before colonization, Native Americans used arbitration to resolve disputes between and within tribes.
- In 1632, Massachusetts passed laws supporting arbitration.
- The Bengal Regulation Act of 1772 was the first modern arbitration law in India. It was enacted after parties successfully resolved disputes by choosing a tribunal.
- The English Arbitration Act of 1899 was the basis for India's first codified arbitration law, the Arbitration Act of 1899.
- The Arbitration and Conciliation Act of 1996 consolidated India's arbitration law, repealing earlier statutes. This act was modeled on the UNCITRAL Model Law on International Commercial Arbitration.
might not find any specific reference in our History books but India has been using Arbitration Method of dispute resolution sicce ancient times.
As per the Hindu Law, one of the earliest known treatise that mentions about arbitration is "Brhadaranayaka Upanishad". Arbitration is prevalent in India right from the Vedic era. Rishi Yajnavalkya has refered to some Arbitration bodies like Sreni, Puga and Kula and they were known as Panchayat.
Who is the founder of arbitration?
Arbitration is prevalent in India right from the Vedic era and hence this method of dispute resolution is founded in India.
Why was arbitration created?
Growth in International Trade and Commerce catalysed the need of a universally acceptable quick dispute resolution mechanism. Arbitration, by its concept, gives parties sufficient autonomy to decide which Substantive Law to follow and what Procedure to adopt. It allows roping in of Domain Experts and best international legal brains for tefficient dispute resolution.
Business Friendly
Helps the parties resolve disputes without sacrificing the business relationshipCost-efficient
By a speedy resolution the parties can focus on profitable business activities rather than spending time and money on litigationEnforceable
The arbitral award is enforceable as a decreeFast
A IDRC e-Arbitration is completed within prescribed time.Paperless
The entire arbitration process is completed without a piece of paper being used.
Comments
Post a Comment