Pre-arbitral steps in contract under Indian Laws-Good read!
Pre-arbitral steps: Indian law perspective Khaitan & Co India January 25 2018 Overview Multi-tiered dispute resolution clauses prescribing pre-arbitral steps are common in commercial contracts in order to allow parties to: resolve their disputes in a non-adversarial set up; preserve commercial relationships; and save costs. On the other hand, prolonged negotiation may not only cause delays, but also allow an unscrupulous party to evade its contractual obligations. The most common pre-arbitral procedural mechanisms include: amicable and good-faith negotiation between the parties; meetings between the parties' key executives and representatives, to arrive at a settlement; mediation; or submitting the dispute to an expert or a non-binding decision-making person or body. Almost all contracts require performance of such pre-arbitral steps as a condition precedent to arbitration, but are they specifically enforceable? In other words, are pre-ar...