New Delhi, May 19 (IANS) Vice President Hamid Ansari on Friday said arbitration had emerged as an efficient alternative to litigation which saves both the court's and the litigants' time.
Speaking at the inaugural session of a two-day conference on 'Dispute Management in Infrastructure Projects - New Challenges', the Vice President said the arbitration process in India had evolved over the years and now offers a useful and speedy tool for dispute resolution.
He said arbitration is quicker, less expensive, and provides greater flexibility of process and procedure thereby saving time for both the courts as well as the litigants.
"Our legal framework provides for lawsuits and trials as the legal method for resolving disputes. However, concerns about court congestion and delays, rising litigation costs, and the negative psychological and emotional impact of litigation have led to a search for alternative methods," he said.
"Arbitration is one of the preferred alternative dispute resolution processes and is finding increasing use in both the private and public sector."
The Vice President said that arbitrators also bring domain expertise to the specific subject matter of the dispute, providing for a more efficient and quicker process.
"The renovated Arbitration Act of 2015 has further sanctified the arbitration process by granting even more finality to the arbitral award," he added.