SYNOPSIS

The ai m and focus of the dis s erta tion- paper s hall primari l y cen tre on thes e
few topi cs : tha t includ es Chapter-1, w hich s hal l pri mar il y deal w ith
Introduc tion to the top ic of dis s erta tion, the s cope and obj ect ives of the
res earch, methodo log y of the res earch, H yp othes is w ith an ins ight to the
topi c.
The s econd Chapter sha ll give a bas ic overview on genera l introdu ction to
the s ubj ect : H is torica l deve lopmen t: defin ition al pers pec tives , the
theor eti cal concept, philos ophica l foundat ions , princip les governing ICA
and the chara cter is tics of int ernat ional commer cia l arbitr ation.
The third chap ter reflects the the me in total it y and s pecific all y deals w ith
B A LC O judge me nt, w ith intros pec tion on the refle ctions of the pos t
B hat ia to BA LCO s cenar io.
F inal l y, Chap ter-4 su mma ris es the topic, w ith the inferenc es draw n from
ea ch chapt er, w ith a conclus ion and s ugges tion.

INTRODUCTION:-

A rbitra tion undoubtedl y has beco me one of the affordabl e and gradua ll y
ac cepted me thods of dis put e res olution, in the real m of Interna tiona l
C o mme rci al bus ines s trans ac tions . O ver the period of ti mes Interna tiona l
co mme rc ial arbitra tion has evolv ed as a cons ens ual me ans of dis pute
res olut ion, b y the virtue of its ver y binding effect and a co mp lex
fra mew ork of nationa l and interna tional law. The debate particu larl y w ith
regard to the added role of arbitra tor as an a lterna tive to the nationa l
courts , arbitra tion has proved to be a s ucces s ful one. And as ins pired b y
int ernat ional conventions , arbitra tion is now s een as more effectiv e than
li tiga tion before a nat ional court. It enables th e parti es to exerc is e a high
degre e of control over the proceedings , the ter ms of reference and
co mpos i tion of the tribun al. The utter s ignifican ce of the s tud y of
co mme rc ial arbitra tion es pec ial l y int ernation al commerc ial arbitr ation can
be gauged fro m the fact that s ince deve loped as a gener al practic e, part ies
ent ering in to co mme rci al agre e men ts often inc lude arbitra tion cl aus es in
the ir contr acts , s o as to ens ure tha t an y dis pute can be s olved w ithout
recours e to expens ive and ti me cons u ming lit igat ion, as an affordabl e
mea ns of res olving dis putes and als o has evolved as a s ophis tica ted
mec hanis m for cons ens uall y dea ling w ith intern ation al dis putes . Though,
IC A is gener all y different from the ordinar y court procedures man y a ti mes
the interv ention of the courts becomes nec ess ar y to make it mor e effect ive.
In proper cas es the j udiciar y can give remed y to the parties b y s et ting
as ide an arbitr al aw ard. G enerall y, the validi t y of an arbi trat ion agree ment
its e lf s hows the compet enc y of an arbitra l tribun al and this is the onl y
requir emen t to refer the dis put e to arbi trat ion.

Objective of the Research:

Lots of advance me nts and deve lop men ts have tak en pla ce al l around. The
w orld is at its zen ith of Intern ation al Trade and co mme rce that has rea ll y
trans for me d the world into a global villag e. The pri ma-fac ie obj ectiv e of
arbi trat ion is to provid e fair and i mpar tia l res olution of dis putes , ai ming to
min i mi ze th e s upervis or y role of courts w ithout caus ing unneces s ar y del a y
or expens e, and at the s a me ti me it allow s freedo m to the parties to agree
upon the ma nner in w hich the ir dis putes s hould be res olved. A few
ques tions that w ould be answ ered in this res ear ch w ork are
a

The i mp lic ation of judic ial pronounce ments as mad e in BA LCO , and
the i mpact of s uch pros pect ive overruling in the cont ext of Indian

arbi tral juris prudence.

A n in tros pection of the era fro m Bhati a to BA LCO and how far has
tha t

changed

arbi trat ion

as

the
a

s cenario
low

cos t

to
and

develop
an

th e

effect ive

us e

of

dis pute

co mmerc ial
res olut ion

mec hanis m in view of the curren t s tatus of lit igat ion pending in the
C ourts .

Research Methodology:Whi le doing the dis s erta tion w rit e-up I w ould be going through the bas i c
bare Acts and the bare mi ni mu m provis ions needed for the bas ic
unders tand ing of the s ame. I w ould als o be going through various artic les ,
inc luding the Q uarterl y and month l y mag azines . To faci lit ate further
infor ma tion the res ear cher w ould del ibera te on the various cas e law s
propounded b y the various H igh Courts and the S upre me Court of India.