Adoption Of International Arbitration Law In Indian Legislation And Contribution Of Indian Judiciary And Its Effects On Globalization
Shagun Sharma, Manav Rachna University
ABSTRACT
Globalisation and industrialisation, individuals and companies throughout the world have been connecting with each other more often than ever before, and this has resulted in successful collaborations. As a result of the openness of the global market, there is a need for a new conflict settlement system among participating parties. To deal with the ever-increasing number of conflicts and disputes that had to be handled on the international platform, the domestic courts were unable to stabilise them fast enough. Thus, arbitration emerged as an alternative dispute resolution (ADR) method to address the variance between governments and nations regarding laws and processes governing arbitration and standards required by the disputing parties, which led to its development. “The United Nations Commission on International Trade Law (UNCITRAL) established the Model Law on International Commercial Arbitration on June 21, 1985”, to address this issue.
Keywords: Arbitration, Indian, legislation, Judiciary, Globalization etc.
