What are the essentials of arbitral process ?

Essentials of arbitral process are: 1. Seat of Arbitration - The parties are free to select any location as the arbitration's seat. 2. Venue of Arbitration - The Venue or location, for the sessions of the arbitral proceedings may be decided by the parties. 3. Arbitral Institution - The parties may select the arbitral institution for conducting the proceedings. The rules of such arbitration institution will apply to proceedings. 4. Law - The parties may by agreement choose any law. 5. Language - The parties may also agree on the language of the arbitration proceedings. 6. Number of arbitrators - The parties are free to determine the number of arbitrators, provided that such number shall not be an even number. However, failing the determination, the arbitral tribunal shall consist of a sole arbitrator. 7. Cost - The Court or arbitral tribunal have the discretion to determine the cost which includes the decision as to: (a) whether costs are payable by one party to another; (b) the amount of such costs; and (c) when such costs are to be paid.