Arbitration is a “dispute resolution mechanism that usually occurs based on an agreement between two or more parties, whereby the parties agree to be bound by the decision made by the Arbitrator in accordance with law or, if so agreed, other considerations, after a fair trial, such decision shall be enforceable by law." Arbitration is, therefore, a process of resolving disputes between the parties through an arbitral tribunal appointed by the disputing parties or by the court at the request of the interested party. The concept of arbitration is not new in India; there were village panchayats to resolve disputes. This Arbitration Act is comprehensive and framed in the lines of the UNCITRAL model law .At present arbitration is governed by the Arbitration and Conciliation Act, 1996. There are two types of arbitration practiced in India, namely institutional arbitration and ad hoc arbitration, of the two ad hoc arbitration is more prevalent in India and the former is yet to take shape and fully creep into India. The practice of arbitration is gaining importance because...