Concept & Overview of Online Arbitration

Online Arbitration is a new tool for dispute settlement mechanism. This mechanism is more cost effective, more efficient and better than other traditional approaches of dispute settlement. As a new mechanism of dispute resolution, online arbitration has encountered certain difficulties in the application of traditional principles of international commercial arbitration law. Problems of litigation in the commercial disputes have made the alternative disputes resolution promotes day by day. Arbitration is one of the best technique which has found international popularity due to accurate codes and enforceable awards. 188th report of Law Commission of India proposed that we apply a ‘fast track' procedure for the ‘Commercial Division' cases in the proposed Commercial Division of the High Courts. The Law Commission, in its 176th Report on Amendments to the Indian Arbitration and Conciliation Act, 1996 proposed a ‘fast-track' procedure for arbitration in India, where parties opt for such a procedure. We shall keep that model as a guide for prescribing a ‘fast-track' procedure in Commercial cases of pecuniary value as high as 1 crore or more. Online Arbitration is the most successful simple method for the best resolution of cyberspace disputes. There are many legal issues that arise out of Online Arbitration, such as choice of applicable law, requirements of arbitration agreement, signature and place of arbitration etc. The principle underlying the online arbitration/ cyberspace approach is to find better, faster and cheaper ways to resolve disputes with the aid of technology