Abstract

Settlement of disputes is an intrinsic requirement of any civilized society. Past four decades have witnessed Alternative Dispute Resolution methods gaining prominence in the field of dispute resolution. Arbitration is one of the well-known methods which involves a neutral third party referred to as an “Arbitrator” who decided the dispute in an adjudicatory manner. There is a quasi-judicial aspect to this conflict resolution procedure. Although the parties to the dispute resolution process are settling their disagreement in a private, out-of-court environment, they have little to no influence over how the case turns out. An arbitrator's award typically benefits one of the disputing parties, putting the other side on the losing side. In the same vein, if alternative dispute resolution techniques such as mediation and conciliation are examined, the results are mostly consent-based, with the impartial third party acting as a facilitator and suggestive agent. The corporate world has seen traction with these processes because they give the disputing parties the autonomy to reach a consent-based judgment. In the light of the above, the paper shall analyze the significance, utility, and application of arbitration, mediation, and conciliation in the settlement of commercial disputes. Further, the researcher will analyze the scope settlement agreements which can be reached through conciliation or mediation in arbitration procedures.

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