Report No. 246

Chapter III

Proposed Amendments to the Arbitration and Conciliation Act, 1996

Amendment to the Preamble

After the words aforesaid "Model Law and Rules" the following be inserted:

And Whereas it is further required to improve the law relating to domestic arbitration, international commercial arbitration and enforcement of foreign arbitral awards as also to define the law relating to conciliation, in order to provide a fair, expeditious and cost-effective means of dispute resolution;

[Note: This amendment is proposed in order to further demonstrate and re-affirm the Act's focus on achieving the objectives of fairness, speed and economy in resolution of disputes through arbitration.]