The Indian Council of Arbitration

The Indian Council of Arbitration, set up in 1965, is a specialized arbitral body at the national level, sponsored by the Government of India and apex business organizations such as the Federation of Indian Chambers of Commerce & Industry of India, Associated Chambers of Commerce & Industry, etc. Its membership includes, apart from the Government of India, important chambers of commerce, trade associations, export promotion councils, companies, firms and individuals. The main object of the Council is to promote amicable, quick and inexpensive settlement of commercial disputes by means of conciliation and/or arbitration. The Council provides facilities for expenditious and economic settlement of all commercial disputes generally and its Rules of Arbitration, which have been framed on international standards, provide a guarantee wished for by the trade for quick and just settlement of the disputes. The Council maintains a panel of arbitrators which includes names with brief particulars of eminent and experienced persons from various lines of trade and professions. Names of suitable persons of foreign nationalities are also included in the panel to provide a wide choice to the foreign parties in regard to the selection of arbitrators.

The arbitration clause recommended by the Council for inclusion in trade contracts by the parties is as under:

"All disputes or differences whatsoever arising between the parties out of or relating to the construction, meaning and operation or effect of this contract or the breach thereof shall be settled by arbitration in accordance with the Rules of Arbitration of the Indian Council of Arbitration and the award made in pursuance thereof shall be binding on the parties."