INDIAN COUNCIL OF ARBITRATION (ICA) New Delhi

               

                              ICA was set up in 1965. It is an autonomous non-profit organisation registered under the Societies Registration Act. It was set up for promoting and encouraging amicable settlement of commercial disputes between exporters and importers. The main objectives are :

1. To develop arbitration consciousness in foreign trade.
2. To provide facilities for the amicable settlement of commercial disputes by arbitration.
3. To settle trade complaints arising out of non-compliance with arbitration awards between Indian and foreign parties.
4. To conduct tradinding courses and seminars on commercial arbitration and international law.
5. To publish information of commercial arbitration and allied matters.
6. To collaborate with such international organisations and arbitral bodies in matters concering internatioanl commercial arbitrations.

                 At the international level, the International Chamber of Commerce through its Court of Arbitration, is the most important organisation that provides facilites for settling disputes in international business through conciliation and arbitration. Exporters in their own interest should take core to ensure that specific provisiions are made in the contracts for amicable and quick settlement of disputes. In India, the help of ICA can be taken only if there is a clause in the contract that in case of dispute the matter would be referred to the ICA, otherwise both parties should agree to refer the dispute to ICA.

*  Importance Features of ICA :-

1. Membership :-
                        The council's membership comprises of Foundation members, Ordinary Associates, Individual and Honorary members.
    
2. Initiation and Arbitration :-  
                       The either party or any party can apply for dispute settlement. The applicant allong with application should pay the registration fee and furnish to the secretary a statement containing. (a) the names and address of the parties to the disputes, (b) full details of the case, (c) original or certified copy of documents and relevant information.
3. Fees/Expenses :-  
                       The fees, costs and expenses incidental to the reference and award shall include
   (i) registration fee
   (ii) admission fee
   (iii) arbitration fee.
                  The amount of registration fee is fixed whereas, the amount involved and the time that would be spent to decide it. In addition, any travelling expenses incurred by arbitrator or secretary of the council as determined by the Bench shall be payable.
4. Constitution of Bench :-  
                        Secretary of ICA makes arrangement on the recept of application to constitute a Bench consisting of one or three arbitrators selected from a panel of Arbitration.
5. Venue :-   
                       The proceeding shall be held at place (s) in India as the Bench may decide.
6. Awards :-  
                       When arbitrator (s) sign (s) the award, the secretary sahll give notice in writing to the parties concerned in respect of fees and chrges payable and true copy of the award is supplied to the partes on receipt of fees/charges. The award is binding on both the parties, if not ICA do follow legal remedies to enforce the award.