Frequently Asked Questions
Each party nominates an arbitrator and the two appointed arbitrators appoint the third arbitrator, who shall preside the arbitral tribunal.
Advantages of Arbitration are :
- Cost effective :- than the regular court proceedings as there is no hidden fees and all the fees are fixed and are very nominal in comparison with regular court proceedings, which includes huge expenses of court fees.
- Speedy :- than the regular court proceedings which takes years (time taken in trial proceedings which is about 5-10 years, similarly in High Court and Supreme Court which is about 5-10 years, total time taken is about 10-20 years in attaining the finality of the matter) whereas the Arbitration proceedings are completed within time bound period of 12 months or may be extended to maximum 06 months only.
- Finality :- Arbitration Award is final and binding on the parties.
- No second appeal lies against the Award passed by the Arbitrator.
Advantages of Arbitration at National Arbitral Tribunal are as under :-
- A neutral platform providing fair and impartial hearings.
- Availability of pre-established rules and procedures which ensure the arbitration proceedings begin in a timely manner.
- Panel list of highly qualified, experienced legal luminaries as arbitrators; (mostly are former judges of Supreme Court, High Courts and District Courts).
- Assistance in encouraging reluctant parties to proceed with arbitration.
- An established format with a proven record.
- Fix fee for Arbitrator and Institution.
- Well maintained and updated e-library.
- Awards are passed in stipulated time (maximum one year).
- Registration Fee as well as administrative fee and Arbitrator’s fee are most reasonable in comparison to any other arbitration institutes.
- One of the largest panel of ex- judicial authorities of India.