An Act to consolidate and amend the law relating to domestic arbitration, international commercial arbitration and enforcement of foreign arbitral awards as also to define the law relating to conciliation and for matters connected therewith or incidental thereto.
Arbitration
Arbitration is a process to resolve disputes among parties to the transaction by appointing one or more arbitrators thereby passing an award as conclusion of the arbitration process. The various covenants with respect to the entire process of Arbitration are laid out in The ARBITRATION & CONCILIATION ACT, 1996.
Conciliation
This Part shall apply to conciliation of disputes arising out of legal relationship, whether contractual or not and to all proceedings relating thereto. The various covenants with respect to the entire process of Conciliation are laid out in The ARBITRATION & CONCILIATION ACT, 1996.
LokAdalat
LokAdalat basically represents a system where the contention between the parties are addressed before the court and process is sought after to amicably resolve the dispute between parties in court of People. The offences which does not fall under the categorisation of Compoundable are not considered as qualifiers for LokAdalat process.
Mediation
Mediation is a completely different resolution process in comparison to other three processes as explained above. Mediator holds position with respect to helping the parties reach towards a solution that is mutually agreeable without any form of dispute.
