Arbitration is a procedure in which the parties mutually agree to submit a dispute to the any third person for the purpose of resolving their matter. This third person is known as the Arbitrator. These arbitrators can be any in number. This means that there is no specified number of arbitrators which should be appointed. The decision passed by the arbitrators is called Arbitral Award.

Characteristic features of Arbitration are:

1. It is a neutral process

2. There is agreement of both the parties to the dispute

3. It is confidential in nature.

4. The Arbitral Award is binding on the parties.

Despite the Arbitral Award being binding, there may arise certain situations where either of the party is not satisfied by the award given by the arbitrator. The impartiality or independence of the arbitrator may be questioned as a matter of fact.

The article deals with the various legislative, statutory recourse propounded by the parliament in this matter. It also lays down the various judicial pronouncements surrounding the issue as well. It basically seeks to cover the Indian perspective of the issue.

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