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.
Bombay Chamber of Commerce and Industry has set up the Centre for Mediation and Conciliation (CMC) with a vision to help create a harmonious business environment with enduring business relationships by encouraging resolution of disputes through aided dialogue and concluding them swiftly, economically, confidentially and amicably.
Bombay Chamber witnessed a growing dissatisfaction among the business houses of India about the time and cost required in the resolution of commercial disputes and enforcement of the outcome. To meet this corporate requirement, Centre for Mediation and Conciliation (CMC) has been launched to promote mediation as a dispute resolution mechanism of first resort before resorting to adversarial methods of dispute resolution. The Chamber wishes to promote a sustainable yet quick, confidential, cost efficient and solution oriented dispute resolution for commercial disputes where the power to decide the final outcome remains in the hands of the corporate disputant.
From the Indian perspective, issues relating to enforcement of contracts and arbitration awards and huge case backlog in Indian courts, provide a wide scope for time and cost effective resolution of disputes through mediation. In keeping with its credo of “Corporate as a Citizen”, Bombay Chamber continuously explores opportunities to work for universal causes. Today, it is important for us as a nation to improve ‘Ease of Doing Business’ in our country and the mediation initiative of the Chamber is a step in this direction.
Bombay Chamber aims for CMC to be the most reputed platform for mediation of commercial disputes in India, through unimpeachable neutrality, best in class governance standards and competent mediators, establishing effective dialogue and solution focused discussions.