• The Arbitration proceedings in India are governed by the Arbitration and Conciliation Act, 1996, which is based on the UNCITRAL Model Law on International Commercial Arbitration 1985 and the UNCITRAL Arbitration Rules 1976. The Arbitration and Conciliation Act in 1996 is enacted with the object to consolidate and amend the law relating to domestic arbitration, international commercial arbitration and enforcement of foreign arbitral awards.
• The essence of arbitration is that there should be an arbitration agreement in writing, signed by all the concerned parties, which can be a clause of an agreement or a separate agreement.