Section 29B of ACA : Section 29B: Fast Track Procedure

ACA

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Explanation using Example

Imagine a scenario where two businesses, Company A and Company B, have a contract that includes an arbitration clause for resolving disputes. A dispute arises over the delivery of goods, but both companies wish to settle the matter quickly to maintain their business relationship and reduce costs.

They mutually decide to invoke the fast track procedure under Section 29B of The Arbitration and Conciliation Act, 1996. They agree in writing before appointing the arbitral tribunal that their dispute will be resolved by this expedited process.

Furthermore, to streamline the process, both companies consent to have a single arbitrator instead of the usual panel. They select an experienced arbitrator who is acceptable to both parties.

The arbitrator, following the fast track procedure, reviews the written submissions and documents provided by both companies. Since the issues are straightforward, the arbitrator does not find it necessary to hold an oral hearing, although he requests additional information from both parties to clarify certain points.

Adhering to the fast track norms, the arbitrator is able to deliver an award within six months, allowing Company A and Company B to resolve their dispute efficiently and continue their business operations without prolonged litigation.

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