What is Maritime Arbitration in India?
Maritime arbitration is generally speaking any Arbitration which has some relation or concern with a ship. It can be for the carriage of goods or passengers by sea route or the sale of used/second-hand ships or building of a new ones or the chartering of a yacht or offshore support vessel.
Variety and range of maritime arbitration is mainstake of international commercial arbitration and it is clearly covered in the definitions of ‘international’ and ‘commercial’ in Article 1 of the UNCITRAL Model Law.
World over Maritime law follows a different system and is generally separate from national law. The United Nations (UN) has founded the International Maritime Organization (IMO), which has published several important Maritime conventions that are being implemented by nations who have signed the treaties.
Last year the Gujarat Maritime University and the International Financial Services Centres Authority signed a Memorandum of Understanding (MoU) at GIFT City to launch the Gujarat International Maritime Arbitration Centre (GIMAC). This will be the country's first arbitration and mediation centre for the marine and shipping industries.
Why is it called maritime?
The word Maritime originated from the Latin word maritimus, which means "of the sea."
What is International Maritime Arbitration?
Maritime Arbitration is a recognised branch of dispute resolution in international trade and commerce.
London and New York have traditionally been the dominant centres of maritime arbitration. In recent years, South Asian Countries have done significant work to develop arbitral systems dedicated to the resolution of maritime disputes.
International Congress of Maritime Arbitrators (ICMA) organised every two or three years hosts maritime arbitrators and other participants in maritime arbitration from around the world.
Amicable resolution of business disputes in Maritime trade has become pivtol in a worldwide market marked by fast economic growth and comprehensive logistical services. Maritime Arbitration is quite different from general arbitration in so far it sets its own norms and procedures.
IDRC e-Arbitration
Business Friendly
Helps the parties resolve disputes without sacrificing the business relationship
Cost-efficient
By a speedy resolution the parties can focus on profitable business activities rather than spending time and money on litigation
Enforceable
The arbitral award is enforceable as a decree
Fast
A IDRC e-Arbitration is completed within prescribed time.
Paperless
The entire arbitration process is completed without a piece of paper being used.
IDRC e-Mediation
Business Friendly
Helps the parties resolve disputes without sacrificing the business relationship
Cost-efficient
By a speedy resolution the parties can focus on profitable business activities rather than spending time and money on dispute resolution
Fast
A IDRC e-Mediation is usually completed within a prescribed time.
Flexible
The parties are actively in control of the dispute resolution process.
Paperless
The entire mediation process is completed without a piece of paper being used.
