An arbitral award attains finality in 120 days after its issuance, provided it has not been challenged during this period.
An arbitral tribunal is a panel or body of arbitrators appointed to resolve disputes between parties through arbitration, as an alternative to court litigation. It can consist of a single arbitrator or multiple arbitrators (commonly three).
In India, disputes that are subject to arbitration include commercial, contractual, and business-related disputes, such as those arising from contracts, partnership agreements, and supply agreements. Additionally, disputes involving intellectual property, construction, and employment agreements can also be arbitrated.
The parties have the flexibility to mutually agree on the place of arbitration. In the absence of such an agreement, the arbitral tribunal has the authority to determine the location, taking into account the convenience of both parties.
Arbitration involves resolving disputes outside of court through an arbitrator whose decision is binding.
