It has been written by Sweety Singh, a law graduate of Guru Gobind Singh Indraprastha University

Arbitration is a legal process to resolve disputes outside traditional court systems. It entails submitting a dispute to one or more impartial people known as arbitrators who evaluate the arguments and supporting evidence from both sides before coming to a legally enforceable conclusion. Because of its perceived efficiency, adaptability, and promise for a quicker settlement, this approach is frequently selected as an alternative to litigation.

The following are some crucial points of arbitration:

1. Agreement: Parties must consent to arbitrate their differences for arbitration to take place. This understanding may be included in a contract or reached after a disagreement.

2. Arbitrators: The arbitrators are impartial third parties who are appointed either by the parties to the dispute or by a body that administers arbitration.

3. Procedure: Depending on the parties' preferences, the arbitration procedure may be less formal than court proceedings.

4. Evidence and Presentation: During the arbitration hearing, parties present their arguments, provide supporting documentation, and call witnesses. Before making a judgement, the arbitrators look over this information and weigh the arguments.

5. Binding ruling: The arbitrator's ruling is enforceable and legally binding. The ruling can only be contested in court on a few grounds.

6. Confidentiality: Arbitration proceedings are frequently private and secret, which can be helpful for parties worried about sensitive information becoming known to the public.

7. International Arbitration: Arbitration is a common option for settling disputes between parties from different nations because it can occur beyond national boundaries. This can assist in avoiding potentially incompatible legal frameworks and courts

8. Enforcement: International treaties, such as the New York Convention, which promotes the recognition and enforcement of arbitration judgements in more than 160 nations, regulate the enforceability of arbitration awards.

9. Costs: It's crucial to remember that, even though arbitration can be more efficient than court action, it can still have costs, such as arbitrator fees and administrative costs from arbitral institutions.

10 Finality: In most cases, arbitration decisions are irrevocable and there are few grounds for appeal.

11 Types: There are other kinds of arbitration, such as ad hoc arbitration and institutional arbitration (where a recognized arbitration institution manages the process).

12 Arbitral Institutions: Numerous organizations, including the American Arbitration Association (AAA) and the International Chamber of Commerce (ICC), offer guidelines and administrative support for arbitral proceedings.

       In contrast to the traditional judicial system, arbitration offers parties freedom, experience, and a prospect for quicker dispute settlement. However, depending on the particulars of the dispute and the parties involved, the efficacy of arbitration may differ.