Sojurn of Commercial Dispute Redressal Mechanism: Exploratory Description of Commercial Arbitration

Author:Ahtshamuddin Ansari, Rakesh Kumar Agarwal

Abstract:
Our findings show that in simple and need oriented trade the barter system was the established practice of disposal of the production. The trading disputes were settled amicably by mutual conciliation or by other traders. With the passage of time this system gave way to the exchange of goods by money and thereby the notion of sale and purchase came to the surface with the principle that ‘buyer beware’. Disputes, if any, had to be resorted as per usage or custom and by co-operation of other sellers and buyers. By the time this took the form of manufacturing, trading, supplying distributing and navigating to earn profit. The marketing had taken the form of trading and commercial centre giving rise to cartels which also played the role in dispute settlement among traders. From the coal trading to the maritime trading and commerce, commercial arbitration and insurance technique develop. National arbitration and transnational arbitration had been developed along with the domestic and institutional arbitration. To facilitate the uniformity and unification of the arbitration rules and practices came forward to guide the international community. Therefore, the simplification of otherwise complex traditions played key role in smooth growth of dispute resolution to make the trading community tension free. Now the commercial disputes are being settled out of cumbersome adjudicatory process.

Keywords:Commercial arbitration, Sojurn of Commercial Dispute Redressal Mechanism, Negotiation, Mediation, Adjudicatory process.

DOI:

International Journal of Trade & Commerce (Vol: 8 Issue:2)