Arbitration means a process where parties come into an arbitration agreement
in which the party with mutual consent appoints a person(s) as an arbitrator who
can resolve disputes and make harmony between the parties of the agreement.
The arbitration agreement must have the following details:
- Number of arbitrators: The number should be odd so that the decision can
be made through a majority.
- Language of arbitration: The language should be decided or specified in
- Place of arbitration: The place where the arbitration will take place
which should be convenient for both the parties and the arbitrator must be
decided before handed.
- Arbitrators: The parties must opt for arbitrators while deciding the
agreement terms and conditions.
Thus, an arbitration process is cheaper and more effective, and less
time-consuming from the traditional legal proceedings i.e. court of law is an
important thing that must and always should be there in an agreement.