International commercial arbitration is becoming a preferable mode of dispute resolution. Generally, the stakes are very high in international commercial disputes and parties to the dispute do not wish to lock large amount of money in traditional litigation methods. Naturally, alternative dispute resolution (ADR) methods like arbitration, conciliation, mediations, etc are more attractive than court litigations, which are more expensive, time consuming and less productive.
The scope of international commercial dispute resolution (ICDR) services in India is increasing day by day. ICDR can be availed of for disputes arising out of contracts on sales of goods, distributorship, agency and intermediary contracts, construction industry disputes, engineering and infrastructure contracts, intellectual property contracts, domain name dispute resolutions, joint venture agreements, maritime contracts, employment contracts, etc.
Further, information and communication technology (ICT) has given a new meaning to international commercial transactions and business. E-commerce has now become an indispensable part of our day to day commercial activities. This has also given rise to both traditional as well as contemporary international commercial disputes all over the world.
International commercial arbitration in India has been passing through a transformation stage. India is trying to harmonise its norms and regulations as per the international standards. Further, India is also trying to develop ADR capabilities at both individual experts’ levels as well as at institutional level.
Dispute Resolution of Cross Border Technology Transactions is the latest trend in international commercial arbitration, informs Praveen Dalal, managing partner of New Delhi based IP and ICT law firm Perry4Law. Further, Domain Name Dispute resolution Services in India would also see an increase in near future, informs Dalal. India must be ready to develop Online Dispute Resolution (ODR) Capabilities to encash upon these opportunities, suggests Dalal.
While opportunities are definitely there yet technology related dispute resolution would bring its own limitations and challenges. Let us see how the dispute resolution industry reacts to the same.
