"In arbitration, a dispute is settled by one or more arbitrators (disinterested persons selected by the parties to the dispute). Arbitration enables the parties to present the facts before trained experts familiar with the industry practices that may affect the nature and the outcome of the dispute. Arbitration first reached extensive use in the field of commercial contracts and is encouraged as a means of avoiding expensive litigation and easing the workload of courts."
Anderson's Business Law & the Legal Environment, Comprehensive volume
"Arbitration, a form of alternative dispute resolution (ADR), is a technique for the resolution of disputes outside the courts, where the parties to a dispute refer it to one or more persons (the "arbitrators", "arbiters" or "arbitral tribunal"); by whose decision (the "award") they agree to be bound. It is a resolution technique in which a third party reviews the evidence in the case and imposes a decision that is legally binding for both sides and enforceable. Arbitration is often used for the resolution of commercial disputes, particularly in the context of international commercial transactions. The use of arbitration is also frequently employed in consumer and employment matters, where arbitration may be mandated by the terms of employment or commercial contracts. Arbitration can be either voluntary or mandatory (although mandatory arbitration can only come from a statute or from a contract that is voluntarily entered into, where the parties agree to hold all existing or future disputes to arbitration, without necessarily knowing, specifically, what disputes will ever occur) and can be either binding or non-binding. Non-binding arbitration is similar to mediation in that a decision cannot be imposed on the parties. However, the principal distinction is that whereas a mediator will try to help the parties find a middle ground on which to compromise, the (non-binding) arbitrator remains totally removed from the settlement process and will only give a determination of liability and, if appropriate, an indication of the quantum of damages payable. By one definition arbitration is binding and so non-binding arbitration is technically not arbitration. Arbitration is a proceeding in which a dispute is resolved by an impartial adjudicator whose decision the parties to the dispute have agreed, or legislation has decreed, will be final and binding. There are limited rights of review and appeal of arbitration awards."
The INCODIR provides arbitration facilities at country level and international level
For settlement of all types of commercial disputes pertaining to sale-purchase, building construction, engineering, transfer of technology, property, maritime, international investment, disputes amongst different countrymen or companies between parties domestically and Internationally.
Arbitration procedures of the INCODIR are framed at par with usual international standard.
The INCODIR maintain comprehensive international panels of arbitrators from different countries with eminent and experienced persons from different disciplines, trade and professions for facilitating the selection of arbitrators. Apart from the arbitration facilities, the INCODIR provides its good office for amicable and quick settlement of domestic as well as international trade complaints and disputes through alternative dispute resolution methods.