Fast Track Arbitration

The Arbitration and Conciliation Amendment Act 2015 introduced Fast Track Arbitration in India to speed up the arbitration process in India and is not regulated by ordinary rules and regulations. This concept was originally developed by the International Chambers of Commerce and has been used in a variety of cases In India, the idea of fast-track arbitration came up with the recommendations of the Report of the 246th Law Commission on 5 August 2014, which applied to several cases to provide the advantages of a speedy trial.

Application is done through an “opt-in approach”, wherein parties to an arbitration agreement can apply for dispute resolution through a Fast Track Arbitration by agreeing to the same in writing, at any stage before or at the time of appointment of Arbitral Tribunal. The Courts are not empowered to impose the process of Fast Track Arbitration upon the parties.

The parties to the arbitration agreement may agree for the appointment of a sole arbitrator for the Arbitral Tribunal.

The amount and manner of payment of fees is to be agreed between the arbitrator and the parties.