Compared to litigation, arbitration is inherently less time-consuming and less expensive, but as M J Antony points out in his usual engaging style, in “The downside of arbitration” (December 14), the opposite is the case in commercial, including international, disputes. To this extent, it appears that the Arbitration and Conciliation Act, 1996, has not served the purpose in spite of its amendment in 1996.
The success of the process is founded on clear terms of the dispute, co-operation of the parties in quickly resolving the dispute and faith in the objectivity of the arbitrators. Further amendment to the Act should address these issues along with a cap on fees and duration of the process.
Y G Chouksey, Pune
