CHENNAI: Arbitration, as an alternative dispute resolution mechanism, is an effective remedy, as it comes without any delay, rigid procedures and provision for appeal , jurists said on Saturday.
At a seminar on “Arbitration: An effective mechanism for sustained growth” organised here by the Council for National and International Commercial Arbitration, they said the aim of the Arbitration and Conciliation Act, 1996, was swift adjudication.
P.V. Bala subramanian said arbitration was imperative as the human and material sources of courts to meet the growing demand was inadequate.
N. Ganesan said arbitration was faster, cheaper and confidential, and had greater degree of flexibility. S. Vasudevan said that while approaching courts, the parties must clearly mention in their application of their intention to submit themselves to arbitration. Only then they would be entitled to interim relief.