MA Section 61 : Amendment of Arbitration and Conciliation Act, 1996
Act
Summary
Section 61 of The Mediation Act, 2023 addresses amendments to the Arbitration and Conciliation Act, 1996. This section specifies that changes will be made as outlined in the Sixth Schedule. These amendments aim to enhance the existing legal framework governing arbitration and conciliation processes, ensuring they align with the objectives of the Mediation Act.
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Explanation using Example
Example 1: Amendment Impact on Arbitration Agreements
Introduction: John and Sarah, business partners, have a dispute over a contract. Their contract includes an arbitration clause referring to the Arbitration and Conciliation Act, 1996. However, the Mediation Act, 2023, Section 61, amends this Act as specified in the Sixth Schedule.
Application: Section 61 of the Mediation Act, 2023, mandates amendments to the Arbitration and Conciliation Act, 1996. This means that any arbitration agreement referring to the 1996 Act must now comply with the changes introduced in the Sixth Schedule. John and Sarah must review their arbitration clause to ensure it aligns with the updated provisions.
Outcome: If John and Sarah do not update their arbitration agreement to reflect the amendments, any arbitration proceedings initiated might be challenged for non-compliance with the current legal framework. This c...
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