CONTRACTS and AGREEMENTS are the heart and soul of any business relationship, as they are a voluntary arrangement between the parties that bind two parties to one another, demarcating their rights and duties towards one another.
CONTRACTS and AGREEMENTS are the heart and soul of any business relationship, as they are a voluntary arrangement between the parties that bind two parties to one another, demarcating their rights and duties towards one another.
India is one of the fastest growing economies of the world. As a result of this, there is an increase in commercial disputes. While commercial disputes involve application of various laws, the laws which are primary applicable while dealing with commercial disputes include the Indian Contract Act, 1872, which governs contractual disputes between the parties, and the Transfer of Property Act 1882 which deals with immoveable property.
The Arbitration and Conciliation Act, 1996 was enacted to consolidate and amend the law relating to domestic arbitration and international commercial arbitration. The Act also deals with enforcement of foreign awards.