The fundamental goal of ICA, which is based in New Delhi, is to encourage peaceful, rapid, and low-cost commercial conflict resolution through arbitration and conciliation, regardless of location.
The Indian Council of Arbitration encourages traders, particularly those interested in international trade, to use arbitration. It also fosters the swift and easy resolution of foreign trade disputes in order to foster goodwill in the field.
Arbitration is a dispute-resolution technique in which the parties agree to be bound by an arbitrator's judgement, which is generally final and legally binding on both parties.
International business arbitration is a method of resolving disputes that arise from international contracts. It is used as a substitute for litigation and is governed mostly by the contracting parties' prior agreements, rather than by national legislation or procedural regulations.
If the parties agree to cease the proceedings before the award is issued, the tribunal can issue an order noting the discontinuance or, if both parties want it and the panel agrees, the tribunal can incorporate the parties' settlement into the judgement.
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