Interim Agreement Business Law

The arbitration procedure begins when the parties to the agreement do not settle their disputes or disputes amicably and the injured party issues a notice of transmission of the dispute/claim to the arbitrator (section 21). After the constitution of the arbitral tribunal, the claimant shall set out the facts of his case and assert his claims. The defendant will file his counter-action or defense against the claim. The arbitrator shall render an arbitral award at the end of the arbitration. In M/s. Sundaram Finance Ltd. v.M/s. NEPC India Ltd., AIR 1999 SC 565, the Supreme Court should consider whether u/s 9 of the Arbitration and Conciliation Act, 1996, the Court of Interim Relief has jurisdiction even before arbitration proceedings are initiated and an arbitrator is appointed. SC decided that it was not necessary for arbitration proceedings to be pending or, at the very least, for a notice to have been issued on the basis of the arbitration clause before a claim was made under article 9.

In this context, it is now appropriate to focus in this article on interim measures/facilities under the new law and their effectiveness. The sections relating to interim measures are sections 9 and 17. The two are compared to determine the reality of these measures on the ground. The new law minimized court intervention and provided for the final arbitral award to be binding and enforceable on the parties, as if it were a decree if it were not set aside at the time of the challenge.36 Arbitrators are given powers to rule on issues such as applicable law, evidential procedure, jurisdiction, jurisdiction, interests, etc. Since these factors contribute to a speedy arbitration procedure, it is quite common to find an arbitration clause in trade agreements. The first deals with the substantive law governing the treaty. The latter point is defined by the forum in which the parties wish to settle disputes arising from the agreement. Although different, these principles are often confusing and uncertainties arise when current legislation and the choice of jurisdiction for disputes are dealt with in the same clause. As best practices, they should be treated separately. Under the Arbitration Act 1940, a party was able to initiate proceedings before a court by making an application for the appointment of an arbitrator under section 20, while at the same time making an application for interim relief under the second list in connection with section 41(b) of the former Act.

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