distinguish between an 'arbitral award'and and 'international arbitral award'
Answers
Arbitration
Arbitration is a form of out-of-court settlement of disputes between the parties to a contract. This form of dispute resolution system is a quick and easy way to solve disputes and reduce the burden on the court and the litigators. The following article deals with the two kinds of arbitrations i.e. the domestic arbitration and international arbitration and their features, disadvantages, and the cases related to the following.
Domestic Arbitration
Although, the term domestic arbitration is nowhere defined in the Arbitration and Conciliation Act, 1996 but Part 1 of the following Act contains several provisions, which clears its meaning. Like as per Section 2(2) of the following Act, the reference to the place of arbitration shall be India is given and as per Section 2(7) a provision containing the mention of the term ‘ domestic award’ is given.
Reading together both the sections provides us a view to the matters which may or may not be contractual but are related to the Indian Disputes and are governed as per the Indian Laws are referred to as Domestic Arbitration and the award given after resolving the case by the Arbitration system of India is regarded as Domestic Award. The domestic arbitration provides domestic award; which is an award resulting out of Arbitration held in India in accordance with the Part -1 of the Arbitration and Conciliation Act, 1996.
Answer:
Arbitral awards represent the conclusion of the arbitration proceedings began by the petition which are based on the arbitration agreement of the parties and eliminate the possibility that the issue to be resolved through the state courts.
International arbitral and judicial awards are of considerable importance, for they are a "subsidiary means for the determination of the rules of law" as provided in Article 38 of the Statute of the International Court of Justice.
Explanation:
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