Abstract

The basic Instinct of all living beings is to possess the things of choice ,due to this sometime a conflict arises, human beings also have this Instinct and for the same the concept of ownership generates in human society or civilization. This Instinct to possess the things /objects/ person of choice give birth various institutions in the the societies like institution of possession/ownership/territories/ marriage in the human society. For the sake of conflicts several methodologies of resolution of the same developed by the human beings ,in early days might is right , after the days gone some short of system of resolution was developed on the basis of Dharma/religious beliefs prevalent in the society concerned . One of the major method for resolution of dispute/conflict s was the intervention of intellectual/ elderly individuals of the locality concerned or those who well versed about the issues of the conflicts .In Modern times this technique of dispute resolution is known by the name of arbitration. The United States and Great Britain were pioneers in the use of arbitration to resolve their differences. At the First International Conference of American States in 1890, a plan for systematic arbitration was developed, but not accepted. The Hague Peace Conference of 1899, saw the major world powers agreed to a system of arbitration and the creation of a Permanent Court of Arbitration. Arbitration was widely discussed among diplomats and elites in the 1890–1914 era. New York Convention, 1958 and United Nations Convention on the Recognition Enforcement of Foreign Arbitral Awards, 1958 paved way for International cooperation in execution of Awards. UNCITRAL Model Law on International Commercial Arbitration, 1985 prompted Member Nations to amend and legislate Laws to bring uniformity on International Arbitration and execution of International Awards.

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