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The purpose of arbitration is economic, speedy and final settlement of disputes. The arbitration rules have been prepared to obtain economic, speedy and final settlement of disputes between the parties effectively.
The Rules of Arbitration have been prepared on the basis of ICC (International Chamber of Commerce) Rules of Arbitration which are widely acceptable in the world. There are minor changes which have been denoted by an asterisk (*) mark. The rules have been numbered "AR No." (Arbitration Rule No.) for easy reference.
AR 1 : Court of Arbitration
1.1 The Court of Arbitration of the INDIAN SOCIETY of Arbitrators is the arbitration body attached to the Indian Society of Arbitrators. Members of the court are appointed by the governing body of the INDIAN SOCIETY of Arbitrators. The function of the court is to provide for the settlement of commercial disputes of national as well as of an international character by arbitration in accordance with these Rules.
1.2 In principle, the court meets once a month. It draws up its own internal regulations.