Glance advanced to more introduced agreeable from you!

By the way, how could we keep in touch?

A considered view may go to suggest that, for deciding on the steps to amend the extant statute in any manner as contemplated, it would necessarily be prudent to bear in mind the following most fundamental aspects:
1. The underlying primary, rather sole, objective of an ‘arbitration clause’ in a contract agreement, to which the special enactment has given a formal sanctity, in essence, aims at providing a legal framework for its parties to have recourse to the ‘arbitration and conciliation’ procedure; in preference to ‘court litigation’. That is so because of the inescapable reality that ‘court litigation’ in any related or connected dispute is, by its very nature, bound to prove a long –drawn as well as an inconclusive affair.
2. It might be worthwhile for everyone really concerned to accord a serious thought and decide as to how best the extant law could be simplified (in its profound sense), particularly keeping in mind the recent controversies, so that the basic objective of the law is preserved but at the same time made more effective and foolproof.
3. According to a view, there is a striking similarity between – the subject points of controversy on the one hand, and those, which, not long before, came up for judicial scrutiny in the matter of interpretation of ‘tax treaties’ on the other. Courts are noted to have elucidated their well-considered views, and on the grounds thereof, enunciated certain principles requiring to be followed in interpreting any of the provisions of a tax treaty. In any arbitration related or connected matter also, therefore, it would only be logical not to overlook but scrupulously follow the same views and principles as propounded by courts in those tax treaty cases. For, any agreement evidencing a commercial transaction between two, same way as a tax treaty which is also a contract agreement entered unto between two parties, except that the latter happens to be between two sovereign states.

KEY NOTE: In the context herein, it might not but be quite apt to recall what late N A Palkhivala, an outstanding legal luminary and a noted expert on international law, though himself being a reputed member of the legal fraternity, had to say on the subject of international commercial arbitration:

It was several decades ago that the International chamber of commerce at Paris started offering the services of its Court of Arbitration, and businessmen in different countries found it convenient to avail themselves of that facility. In course of time that convenience became a preference and the preference has now ripened into a necessity. As one who has had some experience of the working of force of law in India and abroad, and also of international commercial arbitration, let me bear testimony to the incalculable advantages of International Court of Arbitration as compared to litigation in ordinary courts of law.

In Britain, in 1985, Michael Joseph, a qualified solicitor published a book under the embarrassing but appropriate title- Lawyers can seriously damage your health. There can be no doubt that litigation in ordinary courts of law can seriously damage the health of international commerce.

In the USA no less explicit is this criticism. In that country there has been an explosion of lawyer stimulated litigation – more than millions new law suits filed every year taking the federal, State, and local courts together. The burgeoning costs, and demoralizing delays of litigation courts of law are so devastating that litigants have no hope of coming out of the ICU. Unavoidably under the present system, litigation in civil courts continues to be lawyer dominated. In India the judicial system is on the verge of collapse.

International Commercial Arbitration has four factors to commend it – speed, finality, cheapness and justice.
A court of law is a Rolls Royce of 1907 vintage, stately and solemn; whereas International Court of Arbitration is a 1987 Honda car which will take you to the same destination with far greater speed, higher efficiency and dramatically less fuel consumption.

- Kris