To arbitrate in the settlement of disputes arising out of commercial transactions between parties willing or agreeing to abide by the judgment and decision of the Chamber is enshrined in the ‘objects clause’ of the Memorandum of the Bombay Chamber.Each arbitral reference to the Bombay Chamber is examined on the following parameters before initiating the arbitral process.
The existence of an arbitration agreement is a sine qua non for exercise of jurisdiction under section 11(6) of the Arbitration and Conciliation Act, 1996. Parties should incorporate in their respective commercial and service agreements a clause for arbitration of the disputes arising out of breach of the contractual obligations.
The enactment of Arbitration and Conciliation Act, 1996, has imparted a greater finality to the Arbitration and Conciliation proceedings which has, consequently, found favour with a large number of leading companies which are the members of the Chamber and whose commercial disputes have been arbitrated satisfactorily. The Chamber has a Panel of Arbitrators comprising of eminent senior industry professionals, retired judges of the High Courts and other Courts, and others who possess the requisite expertise.
1. For more than one Arbitrator, the deposit payable will be proportionate to the number of Arbitrators.
2. The processing charges will be non-refundable and the administrative charges will be paid irrespective of whether the case is finalized or not.
3. The entire arbitration charges are payable to the Chamber by each party to the dispute on equal sharing basis. In the event of either of the parties to the dispute not honouring their commitments, the other party will have to pay the entire amounts for the deposit, administrative and other charges.
4. In the event of the arbitration proceedings during a particular meeting lasting beyond three hours, additional charge for one meeting will be payable.
The Bombay Chamber of Commerce and Industry recommends to all parties desirous of making reference to Arbitration of the Bombay Chamber, the inclusion of the following arbitration clause in their contracts/agreements:
“All disputes or differences whatsoever arising between the parties out of or relating to the construction, meaning or operation or effect of this contract / agreement or breach thereof shall be settled by arbitration in accordance with the Rules of Arbitration and Conciliation of the Bombay Chamber of Commerce & Industry and the Award made in pursuance thereof shall be binding on the parties”.
On the basis of the Arbitration and Conciliation Act, 1996, the Bombay Chamber has made its Rules for Arbitration and Conciliation.
These can be obtained from the Chamber’s Office on payment of Rs.100/- only.
Mr. R. Ganesh
Tel : 61200213