Arbitration is an alternative dispute resolution method of settling disputes between parties, contractual or otherwise, without having to go to the court of law. However, the process is governed by a set of rules and regulations. In India, it is governed by the Arbitration and Conciliation Act, 1996 based on the UNCITRAL Model Law. The process of arbitration has gained tremendous popularity over the past few decades. It is a cost and time effective method. It provides for party autonomy. International commercial arbitration aims at resolving commercial disputes that arise between an Indian entity and a foreign entity within the framework of Arbitration laws in India.
The object of this paper is to understand why international commercial arbitration is slowly but surely becoming the preference of the world, it also focuses on the process of international commercial arbitration followed in India and its enforcement by the local courts. This objective has been achieved by putting forward various provisions of the law in force in India relating to Arbitration and some ground breaking judgments which make it easy for us to grasp the working of international commercial arbitration. Further, the arbitration laws of Singapore are also discussed. The smooth working of the SIAC is cited as one of the biggest reasons for the success of arbitration in Singapore.