When was Indian Council of Arbitration established?
The Indian Council of Arbitration was established in 1965 as the apex arbitration body by the government. It promotes arbitration as a means of settling commercial disputes.
Indian Council of Arbitration promotes arbitration among traders, especially among people who are involved in international trade. It also encourages smooth and easy settlement of foreign trade disputes in order to generate goodwill in the field of foreign trade.
Objectives of Indian Council of Arbitration
The objectives of the council include the following:
1. Propagation and popularization of commercial arbitration in relation to foreign trade.
2. Arranging arbitration of disputes in international trade through its constituent members.
3. Maintenance of panels of persons to act as arbitrators
4. Collaboration with international organizations and arbitral bodies in relation to international commercial arbitration.
5. conducting training course on commercial arbitration.
One of its important informative brochures is “standard contract forms and general conditions for use in international contracts”. This brochure gives all important aspects of international trade transactions and also suggests comprehensive specific terms and conditions concerning rights and duties of the parties to a trade contract.