ARBITRATION: LAW AND PRACTICE – THE CORNERSTONE OF MODERN COMMERCIAL DISPUTE RESOLUTION

AUTHOR – SIMRAN KAUR, STUDENT AT GURU GOBIND SINGH INDRAPRASTHA UNIVERSITY

BEST CITATION – SIMRAN KAUR, ARBITRATION: LAW AND PRACTICE – THE CORNERSTONE OF MODERN COMMERCIAL DISPUTE RESOLUTION, INDIAN JOURNAL OF LEGAL REVIEW (IJLR), 5 (13) OF 2025, PG. 328-330, APIS – 3920 – 0001 & ISSN – 2583-2344

Introduction: The Rise of Arbitration

Arbitration has evolved from a simple business practice into a major mechanism for resolving complex domestic and international commercial disputes. It is a process where the parties agree to submit their dispute to an impartial tribunal (the arbitrator), who renders a final and binding decision (the arbitral award) without recourse to national courts. Its popularity stems from its main advantages: party autonomy, neutrality, confidentiality, and, critically, the almost universal enforceability of awards under international treaties. This paper explores the essential legal framework, important procedural practices and current challenges that define modern arbitration.