Ordinary arbitration in common parlance denotes settlement of a dispute through an arbitrator who could be anyone mutually acceptable to both the sides or the parties to a dispute. The only condition is that the arbitrator must enjoy the elements of impartiality, trust, confidence and fair dealing. Needless to mention, the advantages of arbitration except saving on time, botheration and hopes of quick decision, they are usually faster than the courts. International Arbitration, on the other hand, encompasses a wider scope of resolving disputes which hold more relevance in an era of a fast moving world in respect of trade, commerce and a regime of less controls and restrictions. If seen with a broader spectrum, such a centre could promote and encourage FDI, domestic trade, business and investments aiming at achieving maximum benefits for the concerned parties.
Under such a scope of International Arbitration, having a centre was longed for quite some time in Jammu and Kashmir. It is a matter of a good measure of satisfaction that with the inauguration of Jammu and Kashmir International Arbitration Centre and the launching of its website at Srinagar by Lieutenant Governor Manoj Sinha, a new era of commercial arbitration has dawned in the UT. Its timing being as important as its objective in a climate of liberalised economy and globalisation that bring countries much closer for reaping mutual benefits and interests, needs to be fairly underlined. The Lieutenant Governor describing the setting up of the ”institution” of arbitration as a significant move is the matured assessment which was definitely going to have Jammu and Kashmir securing a place in the commercial arbitration map of the world. Not an ordinary development of the sort, this centre could go a long way in promoting and opening new vistas of economic activities concerning investments, business, trade and industry.
Technically going by what the main concept of International Arbitration denoted, this method of resolving disputes was primarily related to resolution of cross-border disputes as it is loaded with the desired neutrality as also enforceability of awards. Hence, it has its own attraction based on ease, accessibility and riddance from lengthiest alternative solutions. Politically and geographically, there can be and are borders but globalisation has gone far ahead in reducing the absolute relevance of borders so far as trade, commerce and investments are concerned. However, apart from there duly being incorporated such arbitration clauses in business and trade agreements, it is imperative to follow international practices and norms with an aim at maximisation of mutual benefits by the trading parties. Since basically arbitration is purely voluntary and consensual process, all parties must agree to submit their disputes to arbitration because arbitral tribunal cannot enjoy any jurisdiction without that unlike domestic courts.
It is again, imperative that there should be experts in arbitration and allied matters available at such centres. These experts could comprise veterans in judicial knowledge – normally retired judges with vast experience, senior officers, engineers, architects, academicians and other veterans from walks of life of different hues. On the other hand, the quality and performance of arbitrators too hold a key to its successful and meaningful objective. The aims are mainly simplification of procedures, cutting on time and botheration, cost involvement and swift results. With such moves, the latest one being of setting up of family courts preceded by arbitration centres at Jammu and Srinagar and the like, the burden on over strained courts in respect of pendency of court cases and fresh arrivals would, to a large extent, get reduced. Have proper trainings, exchanging of relevant information, follow up and monitoring, providing necessary infrastructure, generating vast awareness among business circles, rapport with intending investors and promoters of commerce and periodic appraisal, there is no scope for any doubt that International Arbitration Centre would not emerge fruitful and productive in its objectives.
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