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Arbitration tribunal set up

MADURAI: The Tamil Nadu Chamber of Commerce and Industry based in Madurai on Saturday joined a handful of trade associations in the country in establishing a state of the art in-house arbitration tribunal and mediation centre to solve commercial disputes.

Chamber Arbitration Tribunal equipped with video conferencing facility to arbitrate with foreign and outstation traders has been established under the Arbitration and Conciliation Act, 1996.

All traders, irrespective of their association with any chamber of commerce, can prefer to solve their disputes (likely to arise during execution of business deals) through the tribunal.

They have to include a clause to the effect in their trade agreements, partnership deeds, bills, pro notes and so on.

Whenever such disputes arise, the matter would be placed directly before the tribunal.

The traders can also seek to change arbitrators, who shall be drawn from among experts in various fields, by placing sufficient reasons.

The tribunal shall not be bound by the Code of Civil Procedure or the Indian Evidence Act and the parties concerned are free to agree upon any language to be used in the arbitral proceedings.

It can pass interim orders and take the assistance of courts in taking evidence.

It would also take the help of mediation centres to arrive at settlements.

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