Arbitration and other modes of dispute resolution like mediation, conciliation, negotiations, Lok Adalats etc. are considered much more efficient than the conventional process of litigation in today’s time for it is far less time consuming, cost effective and provides flexibility to the strict rules of procedure and technicalities. These alternate dispute resolution mechanisms have proven to be one of the most efficacious in resolving disputes, especially commercial disputes and disputes related to commercial contracts, property, construction, real estate and insurance. Organizations like Indian Council of Arbitration (ICA) and the International Centre for Alternate Dispute Resolution (ICADR) were established in India to effectively implement the alternate dispute resolution mechanisms to promote amicable and quick settlement of disputes.