With increase in International Trade and Cross Border Business Transactions, Cross Border commercial Disputes are getting common and therefore need of mechanism for effective dispute resolution and for preserving business relations arise. INTERNATIONAL ARBITRATION has emerged as a preferred option of resolving cross border commercial disputes.Section 2(1)(f) of the Act defines an International Commercil Arbitration as a legal relationship which must be considered commercial, where either of the parties is a foreign national or resident, or is a foreign body corporate or is a company, association or body of individuals whose central management or control is in foreign hands. Thus, under Indian law, an arbitration with a seat in India, but involving a foreign party will also be regarded as an ICA, and will be subject to Part I of the Act. However, where an ICA is held outside India, Part I of the Act would have no applicability on the parties (save the stand-alone provisions introduced by the Amendment Act, unless excluded by the parties, as discussed later) but the parties would be subject to Part II of the Act.
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