Construction Contracts: Rising Importance Of Enforceable Arbitration Agreement
Rising Importance Of Enforceable Arbitration Agreement
The recent judgment of Lombardi Engineering Ltd v. Uttarakhand Jal Vidyut Nigam Ltd underscores the importance of ensuring that arbitration agreements align with the Constitution of India, specifically Article 14, to be enforceable. With large-scale infrastructure developments in India, construction contracts often rely on arbitration for dispute resolution. This necessitates crafting arbitration agreements that meet legal standards and ensure fairness. Here's a breakdown of key considerations:
An arbitration agreement is a contract wherein parties agree to resolve disputes through arbitration. It must comply with the Indian Contract Act, 1872, and the Arbitration & Conciliation Act, 1996 (the Act).
Crafting a robust arbitration agreement requires meticulous attention to legal nuances and recent judicial interpretations. By incorporating essential components and aligning with legal standards, parties can enhance enforceability and fairness in arbitration proceedings. Keeping these considerations in mind during drafting can mitigate potential challenges to arbitration agreements and awards, ensuring smoother dispute resolution processes.
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