International Arbitration

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Can any one given a brief note on International Arbitration
 
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[font=""courier new""]The Indian Arbitration and Conciliation Act, 1996 is based on the Model Law on International Commercial Arbitration adopted by the United Nations Commission on International Trade Law (UNCITRAL) in 1985.[/font]

[align=left][font=""courier new""]India is a party a) the Geneva Protocol on Arbitration Clauses of 1923 b) the Geneva Convention on the Execution of Foreign Arbitral Awards, 1927; and c) the New York Convention of 1958 on the Recognition and Enforcement of Foreign Arbitral Awards.[/font][font=Arial] [/font][/align]
 
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[font=tahoma]Under the 1996 Arbitration Act an ''international commercial arbitration'' is defined as one in which at least one of the parties is a resident of a country other than India, or a body corporate incorporated in any country other than India, or a company or association or a body of individuals whose central management and control is exercised in any country other than India. An arbitration with the government of a foreign country is also considered to be an international commercial arbitration. One of the major differences between an international commercial arbitration with its seat in India and a domestic arbitration is that in an international commercial arbitration there exist provisions for expedited appointment of arbitrators by directly approaching the Supreme Court. The other difference is that unlike in a domestic arbitration, in international commercial arbitration, the parties are free to choose the law applicable to the substance of the dispute for governing the arbitral proceedings.[/font]

[font=tahoma]Even though the number of international commercial arbitrations in relation to India are growing, most arbitration agreements provide for seat of arbitration outside India. The preferred venues of arbitration are usually London and Singapore.[/font]
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[font=""trebuchet ms""]International ArbitrationΓÇ¥ has a foreign ingredient. Arbitration becomes ΓÇ£InternationalΓÇ¥ when at least one of the parties involved is resident or domiciled, outside India or the subject matter of the dispute is abroad. The law applicable to an arbitration proceedings may be the Indian law or a foreign law, depending on the terms of the contract in this regard and the rules of conflict of laws.[/font]

[font=""trebuchet ms""]Section 2(1)(f) of the Act defines ""International Commercial Arbitration"" as arbitration relating to disputes arising out of legal relationships, whether contractual or not, considered as commercial under the law in force in India where at least one of the parties is:

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[*][font=""trebuchet ms""]an individual who is a national of, or habitually resident in any country other than India; or [/font][/*]
[*][font=""trebuchet ms""]a body corporate which is incorporated in any country other than India; or [/font][/*]
[*][font=""trebuchet ms""]a company or an association or a body of individuals whose central management and control is exercised in any country other than India; or [/font][/*]
[*][font=""trebuchet ms""]the Government of a foreign country[/font][/*][/list]
 
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