Arbitration: The Rising Justice Provider
The dispute resolution process has a huge impact on the Indian economy and global perception on “doing business” in India. This is clearly indicated by World Bank rating on Ease Of Doing Business 2016 which has ranked India 131 out of 189 countries on how easy it is for private companies to follow regulations. The study notes that India takes as much as 1,420 days and 39.6% of the claim value for dispute resolution.
The difference between all these “alternate dispute resolution mechanisms” lies in the process and mode of resolving the dispute. Broadly, in arbitration, the arbitrator hears evidence and makes a decision. Arbitration is like the court process, where parties provide testimony and give evidence, as in a trial. However, it is usually less formal. In mediation, on the other hand, the process is a negotiation with the assistance of a neutral third party where mediators do not issue orders. Instead they help parties reach a share opinion and reach settlement.
Thus, from the following explanation we can easily conclude that relying on the courts and judiciary will take a lot of time and money as well. Whereas Arbitration is the future for the justice to be delivered in lesser time and a lot costs too. And, PrivateCourt tends to do the same for their clients have a reputed track record in resolving many disputes in a very short period of time and also at affordable rates.