Maritime Arbitration The Stage-Of-The Art Emergence

Mr. Vaibhav Dhiren Dharod, Asst. Professor, School of Law, DY Patil Deemed To Be University, Nerul, Navi Mumbai, Maharashtra

Ms. Lavanya Ajaykumar Panicker, 5th Year BA-LLB, School of Law, DY Patil Deemed To Be University, Nerul, Navi Mumbai, Maharashtra

ABSTRACT

At all events, arbitration is more rational, just, and humane than the resort to the sword. - Richard Cobden

The requirement for an amicable resolution of business disagreements has become indispensable in a global market that is characterised by accelerated economic growth and broad supply chain services. The assertion that disputes may only be resolved through the courts is not always appropriate. A substitute for resolving disputes harmoniously is arbitration. The development of the arbitration system has become paramount for any country with fantasies to become an economic powerhouse due to the rising emphasis on marine trade by establishments for the conveyance of commercial traffic. Maritime Arbitration is a subset of international commercial arbitration, but it deviates from the standard structure for a variety of reasons that give it a unique or "exceptional" grade. These reasons range from the legal precedents to the types of disputes that are arbitrated to the features of the marine arbitral processes. Currently, in India, the execution of the 1996 Arbitration Act and the development of sectoral Arbitration establishments have not done much to improve the plight of the 'Maritime Arbitration' industry, but they also have not done enough to make India the epicentre of a commercial powerhouse.

This research-analysis study intends to emphasise the advantageous aspects of arbitration in the maritime industry, what needs to be accomplished in the country to make arbitration a popular choice, and what the difficulties are in India with regard to arbitration in marine commercial situations and how Maritime arbitrations makes it the most efficient approach to resolve conflicts.

Keywords: Maritime, Arbitration, Contract, Shipping, MSA, MMD, Ships.