"Section 29B of the Arbitration and Conciliation Act, 1996, introduces a "fast track procedure" for resolving disputes through arbitration. This procedure allows parties to opt for a quicker, more streamlined process, ty

Key Features of Section 29B of the Arbitration and Conciliation Act, 1996 Voluntary Adoption: Parties must mutually agree in writing to use the fast track procedure, either at the time of the arbitration agreement or later. Sole Arbitrator: The parties can agree to have a sole arbitrator decide the dispute. Written Pleadings and Documents: The arbitral tribunal primarily relies on written submissions and documents provided by the parties. Limited Oral Hearings: Oral hearings are only conducted if all parties request them or if the tribunal deems them necessary. Time-bound Award: The award must be made within six months from the date the tribunal enters upon the reference. Fee Arrangements: The fees payable to the arbitrator and the manner of payment are agreed upon by the arbitrator and the parties. Optional: The fast track procedure is optional and requires mutual consent from all parties involved. Cost-effectiveness and Time Savings: The procedure aims to be cost-effective and time-saving compared to traditional arbitration.