Arbitration is a private legal process where a dispute is submitted, by agreement of the parties, to one or more neutral third parties (arbitrators) who make a binding decision on the dispute. Instead of going to a national court, the parties opt for a private judge.
According to Section 2(1)(a) of the Arbitration and Conciliation Act, 1996, "arbitration" means any arbitration whether or not administered by a permanent arbitral institution. The hallmark of arbitration is that the decision (the "award") is final and enforceable in the same manner as a court decree.
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