Arbitrators help settle conflicts outside the legal system by helping the parties involved to resolve disputes. Arbitrators shall explain the claims of the opposing parties, and shall hold initial meetings with all parties to define the arbitration process. They analyze the documentation and documents.
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Arbitration is not as time-consuming and tedious as litigation.
You do not necessarily need a degree in Law, any business professional course is sufficient.
It is not as expensive as court and is thus more preferred.
Arbitration does not require any thorough knowledge of a specific law, just requires expertise in a particular sector- varying from case to case.
Reduction in costs of dispute redressal and resolution.
It can get overwhelming as the cases often deal with dispute settlement and more than often they involve family disputes.
An arbitrator generally is not bound by legal principles, nor does he or she have to explain or justify the decision.
The decision is not reviewed for legal errors.
An arbitrator is generally entitled to make a decision based on what he or she deems to be just and equitable within the scope of the contract between the parties
GOT WHAT IT TAKES?
You are able to work with grey areas
You respectfully listen to what others have to say and put yourself in their shoes
You are patient and respectful
You are effectively able to communicate your opinion
You speak with conviction but know when to put your foot down
You are not a jack of all trades but rather, a master of one
AZB & Partners
Cyril Amarchand Mangaldas
J Sagar Associates
Khaitan & Co LLP