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What is an arbitration law? What is the work of arbitration lawyers? What is the salary of arbitration lawyers?
The essence of arbitration is that it is an agreement between two or more parties to try to resolve a dispute outside of the court system. The parties agree upon a third party as an arbitrator who will act as a judge and jury. After giving the parties the opportunity to present their side of the story and to present any relevant documents or other evidence, the arbitrator will act as King Solomon to decide who wins and who loses.
All types of civil and commercial disputes can be resolved through mediation, except certain special legislations like winding up of a company.
Under the Arbitration & Conciliation Act, 1996, a settlement agreement made by the mediator after the resolution of a dispute is equivalent to an arbitral award or a decree of a civil court. If a party subsequent to the settlement fails to comply with it, the other party could get the settlement agreement executed through a court in the same manner as a court decree. Mediation and Conciliation are terms often used interchangeably and in all practical aspects, the procedure is the same.
Arbitrator is recommended to be a Lawyer.
Salary: Generally Arbitrators have their own independent practice, however inexperienced lawyers need to take training, so salary for such candidates ranges between Rs. 10,000 to Rs. 30,000.
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