ARBITRATION ACT 1996. The Arbitration and Conciliation Bill was introduced in the parliament in 1995 and was passed in 1996 as Act No 26 of 1996. Earlier to this, the law on arbitration was contained in the foll. three enactment. The Arbitration Act 1940.
The Arbitration and Conciliation Bill was introduced in the parliament in 1995 and was passed in 1996 as Act No 26 of 1996.
Section –7 ARBITRATION AGREEMENT, it should be an writing, as a separate agreement or a part of contract,signed by both the parties.
Section –14 FAILURE OR IMPOSSIBLITY TO ACT a person will seas to be an arbitrator if he fames to act without undue delay, with bross from his office, both the parties agreed to terminate his services as an arbitratal.
Section –21 COMMENCEMENT OF ARBITRATIONPROCESS the arbitration proceedings in respect of any dispute commence on the date on which a request for arbitration is received by the responded.
Section 25 DEFAULT OF A PARTY the arbitral tribunal shall terminate the proceeding if the claimant fails to lodge his claim as prescribe in section 23 above.