The Arbitration and Conciliation Act, 1996 (India)

The Arbitration and Conciliation Act, 1996, is Indian law that provides a framework for resolving disputes outside courts through arbitration and conciliation. Arbitration involves appointing an independent person (arbiter) to settle disagreements, offering a quicker and private alternative to litigation. Conciliation is a process where a neutral party helps the conflicting parties reach a mutual agreement. The Act sets rules to ensure fairness, enforceability of arbitration awards, and efficiency in dispute resolution, promoting a cost-effective and flexible method for parties to settle disputes without going to court.