Dispute settlement or Dispute resolution is the process of resolving the disputes between the parties to a contract. The term dispute resolution is different from conflict resolution as the dispute resolution has ways to resolve guided by the dispute resolution techniques which helps in solving the disputes arose of the citizens, corporations as well as governments.
Dispute Settlement Agreements is a legal contract executed by and amongst the parties whether natural individuals, corporations or governments to solve a dispute in future if any arises. The Dispute Settlement Agreements can also become the part of the original agreement if any executed by the parties carrying business with each other or they may be executed separately depending upon the mutual understanding of the parties.
Ways of Dispute Resolution
Mediation- The first method of solving disputes is mediation which involves usually a voluntary arrangement whereby the parties appoint by a method agreed by the parties to listen to the arguments of each side a third party as a mediator to discuss the case with either separately or together and tries to help the parties to reach a settlement.
The mediator does not have any authority except assisting the parties in recognizing the strengths and the weaknesses of their arguments and to look forward for a solution on which they can agree, which is usually done through an agreement on common ground. Unlike the arbitration or conciliation there is no specific law that deals with mediation in India. Hence, unlike the other statutorily-recognized forms of non-binding alternative mechanism dispute resolution (being conciliation), confidentiality in the mediation process is not specifically provided for in any law in India.
Litigation- Litigation is a process of proceeding the case further through the courts for an enforceable settlement. It is a lengthy procedure sometimes which involves a potential problem of how enforceable the order from a court of one country will be in a different country and also how much time it will take .The enforceability depends on a various number of factors. The decree or award of a judge is legally binding on the parties.
Arbitration- Arbitration is a process where a neutral third party is appointed as an Arbitrator for resolving the disputes; they are more like private judges also there can be one or more than one arbitrators involved. It is the most reliable way of solving a dispute between the parties. An agreement is formed already called an Arbitration Agreement which is a way of solving disputes if any arises in future. The Arbitration in India is governed by Arbitration and Conciliation Act, 1996.
Drafting of Agreement
Drafting of Dispute Settlement Agreements varies from cases to case also in India Arbitration is majorly used as a mode of solving disputes. Following are the points which are generally covered while drafting an Arbitration Agreement:-
- Place of Arbitration
- Procedure of appointing Arbitrator
- Language of Arbitrator
- Type of Arbitration
- Governing Laws
- Statement of Claim
- Hearing of parties
- Award
- Name & Address of the Arbitration Institution
- Execution of Award
- Signature of parties
- Number of Arbitrators and Qualification of Arbitrators
FAQs
What do you mean by dispute resolution?
The term dispute resolution means solving a problem or hurdle arose between the parties to the agreement through ways to resolve guided by the dispute resolution techniques between the citizens, corporations as well as governments.
What is the time period involved in solving any disputes?
As such there is no time, It will be guided by the clause mentioned in the Dispute Settlement Agreements for settling the dispute. Dispute Settlement Agreements are executed to reach parties to an amicable settlement.
Whether the decision of the Arbitrator is binding on the parties ?
Yes, the Arbitration proceedings are guided by the Arbitration and Conciliation Act, 1996 and hence, the decision is binding on the parties.
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Practice area's of B K Goyal & Co LLP
Income Tax Return Filing | Income Tax Appeal | Income Tax Notice | GST Registration | GST Return Filing | FSSAI Registration | Company Registration | Company Audit | Company Annual Compliance | Income Tax Audit | Nidhi Company Registration| LLP Registration | Accounting in India | NGO Registration | NGO Audit | ESG | BRSR | Private Security Agency | Udyam Registration | Trademark Registration | Copyright Registration | Patent Registration | Import Export Code | Forensic Accounting and Fraud Detection | Section 8 Company | Foreign Company | 80G and 12A Certificate | FCRA Registration |DGGI Cases | Scrutiny Cases | Income Escapement Cases | Search & Seizure | CIT Appeal | ITAT Appeal | Auditors | Internal Audit | Financial Audit | Process Audit | IEC Code | CA Certification | Income Tax Penalty Notice u/s 271(1)(c) | Income Tax Notice u/s 142(1) | Income Tax Notice u/s 144 |Income Tax Notice u/s 148 | Income Tax Demand Notice | Psara License | FCRA Online
Company Registration Services in major cities of India
Company Registration in Jaipur | Company Registration in Delhi | Company Registration in Pune | Company Registration in Hyderabad | Company Registration in Bangalore | Company Registration in Chennai | Company Registration in Kolkata | Company Registration in Mumbai | Company Registration in India | Company Registration in Gurgaon | Company Registration in Noida | Company Registration in lucknow
Complete CA Services
RERA Services
Most read resources
tnreginet |rajssp | jharsewa | picme | pmkisan | webland | bonafide certificate | rent agreement format | tax audit applicability | 7/12 online maharasthra | kerala psc registration | antyodaya saral portal | appointment letter format | 115bac | section 41 of income tax act | GST Search Taxpayer | 194h | section 185 of companies act 2013 | caro 2020 | Challan 280 | itr intimation password | internal audit applicability | preliminiary expenses | mAadhar | e shram card | 194r | ec tamilnadu | 194a of income tax act | 80ddb | aaple sarkar portal | epf activation | scrap business | brsr | section 135 of companies act 2013 | depreciation on computer | section 186 of companies act 2013 | 80ttb | section 115bab | section 115ba | section 148 of income tax act | 80dd | 44ae of Income tax act | west bengal land registration | 194o of income tax act | 270a of income tax act | 80ccc | traces portal | 92e of income tax act | 142(1) of Income Tax Act | 80c of Income Tax Act | Directorate general of GST Intelligence | form 16 | section 164 of companies act | section 194a | section 138 of companies act 2013 | section 133 of companies act 2013