Pros and Cons
We are often faced with the question whether companies or individuals should include an arbitration provision in a contract. Being an arbitration center, we would naturally advise you to do so, but we would like to explain why. If you include a dispute resolution clause requiring arbitration as the first step in any dispute that may arise,, then any disputes “arising under or relating to” the agreement will be arbitrated.
Benefits of Arbitration
Arbitration avoids the whole process of a lawsuit. An arbitration involves just one or more arbitrators who are professionals trained to evaluate disagreements, and who would eventually rule on yours. They are often retired judges or else experts in different fields – engineering, medicine, etc.
Arbitration is less expensive and quicker by far than a lawsuit. It is a good idea to include this provision in your contracts.
Perceived drawbacks of arbitration
Unlike a court ruling, an arbitration decision cannot be appealed (that’s why it’s called “binding arbitration”) and can be set aside by a judge only if you can prove the arbitrator was biased or the ruling violated public policy. Arbitrators must be paid, so if you choose to use an institution like ours, then the arbitrators’ fees are fixed and capped making it less onerous.
In short, do include an arbitration clause, and specify the institution too – by naming it. This way, you will have access to our expertise, our panel of arbitrators at reasonable fee levels, and the support of our facility itself.
Join Our Panel
We have a highly respected panel of arbitrators, and are always looking for more to add to our esteemed panel. If you might be interested, do feel free to drop us a line or to send us your bio, and we will respond to you promptly.
We are pleased that you are considering joining our panel of arbitrator. As you will have seen our panelists made up of very distinguished individuals recognized in their fields as leading authorities.
Having said that we do require more arbitrators on our panel from different specific fields, mainly because our arbitrations require specific expertise.
If you feel that you might be interested then we would be delighted to hear from you. Before we proceed with taking your personal details, we feel that we ought to mention something quite unique about our centre.
As you know we were set up in memory of the Late Mr. Nani Palkhivala who was a great believer in providing opportunities for the common man. For this reason gaining justice must never be out of reach of the common/low income individual. We have tried to maintain very reasonable fees at this centre with this in mind.
Model Arbitration Clauses
Model Arbitration Clause or Separate Arbitration Agreement
Clause to be included in the contracts to be entered for Institutional Arbitration:
Any claim, dispute or difference relating to or arising out of this agreement shall be referred to the arbitration of the Nani Palkhivala Arbitration Centre currently functioning at New No.22, Karpagambal Nagar, Mylapore, Chennai 600 004, which will appoint the Sole Arbitrator and will conduct the Arbitration in accordance with its rules for conduct of Arbitration proceedings then in force and applicable to the proceedings. In the event, if the parties desire to appoint three arbitrators, then while each of the parties shall appoint one Arbitrator, the Centre will appoint the third arbitrator who shall act as the Presiding Arbitrator. Such arbitration shall be the sole and exclusive remedy between the parties with respect to all such disputes. The arbitration shall take place in Chennai, Tamil Nadu and the proceedings shall be in English. The arbitration award shall be final and binding the parties.