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As the name suggests, Arbitrators, are basically the one we refer to as Mid person.
When there are cases or clients who do not wish to knock at the door of the court, they rely on the statement of the arbitrator, who is a person who is well versed with LAW and is a completely biased person and is knowledgeable regarding the case.
In-case one of the concerned party feels dissatisfied, he then files a case with the court.
Arbitration specialties include construction, real estate, insurance and labor relations.
Earlier just a Grdaute degree with good communication skills and knowledge of the particular industry was sufficient, but these days companies stress on LAW degree to work as an arbitrator too.
Aspiring arbitrators who choose to prepare for this career by practicing law need to become licensed attorneys once they complete law school. State requirements vary, but licensure is usually achieved after earning a law degree, applying for admission to the state bar association and passing the bar exam. Others who hope to specialize in such industries as construction or real estate will also need state-issued licenses in order to begin acquiring work experience as real estate agents, contractors or architects
For more information, check the two weblinks mentioned below:
Check the following Institute for some courses related to Arbitration:www.arbitrationindia.com
Although I have not come across lawyers working as arbitrators, though there may be a few, I would request you to get in touch with a LAW gradute or professor of LAW and get further information.
As such I know of executives who are an MBA in HR / IR, who work as an arbitrator, in cases where issues crop up between Labour unions and management.
Hope this helps.
Wish you good luck................
Arbitration has been most sought by people since Courts are over worked in cases pending and it takes years to clear a case.
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.
As my other friends have stated, Arbitrators are generally a Lawyer having utmost knowledge about the law in different areas of law such as Company Law, Land Law, Income-Tax Law, Dispute Resolutions, and etc, etc. Arbitrators are authorized individuals by either High Courts, Bar Councils or District Courts.
Whenever two or more parties, companies or organizations enters into a contract with each other, they put a very specific clause in that contract which tells very clearly that if in future any dispute arises between the parties for specified reasons or problems then before going to the court the parties will first try to resolve the problem through Arbitrator. Once the arbitrator go through the entire case, evidences and appeals from both the parties or all the parties involved in a case, he will pass his own judgment based on all the information available to him. And the same judgment is authorized by the respective court of that particular jurisdiction where the Arbitration proceeding took place. If all the parties are agree to the judgment of an Arbitrator if they are not, they have right tot go to the Court in that jurisdiction taking the case for further investigations.
The salary of an Arbitrators vary from case to case but generally Arbitrators charge case wise and not salaried individuals. I must say that Arbitrators charge huge amount in order to provide their services since they almost act as a judge in any respective cases.
I am sure this must have cleared all your doubts.
Please do let me know if you would like to know more about the Arbitration.
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