Section 73 lays down the provisions for ______________.a)Costsb)Termination of conciliation proceedingsc)Confidentiallyd)Settlement agreementCorrect answer is option 'D'. Can you explain this answer?

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Section 73 lays down the provisions for ______________.

a)
Costs
b)
Termination of conciliation proceedings
c)
Confidentially
d)
Settlement agreement

Correct answer is option 'D'. Can you explain this answer?

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Test: Arbitration, Tribunal Adjudication and Alternative Dispute Resolution - 2

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Section 73 lays down the provisions for ______________.

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Directions: Read the following passage carefully:Arbitration has been the toast of the legal community for a long time. It has been long expected that arbitration will replace business litigation to a great extent one day. Lawyers have been encouraging parties to have an arbitration agreement in all their business transaction documents for more than two decades now. However, arbitration has not been proven to be effective too often.A lot of lawyers have begun to re-evaluate if they should put in those arbitration clauses blindly in the agreements they draft. Also, a lot of people who have already put in binding arbitration clauses in their agreements, are finding arbitration very difficult to navigate and too expensive when disputes actually arise.Even after 23 years since the introduction of Arbitration and Conciliation Act of 1996, arbitration seems to be slowly evolving and not really making a dent on pendency of litigation situation and more costly unlike litigation. The Act empowers the arbitrator to terminate the proceedings where without any sufficient cause, the claimant fails to communicate his statement of claim within the stipulated period. If the respondent fails to submit his statement of defence within the predetermined period, the arbitrator shall continue with the proceedings without treating such a failure in itself as an admission of claimants allegations.Would it ever become the mature alternative that Indian businesses can safely rely on for reliable, fast, efficient and cost-effective dispute resolution, especially given the terrible state of civil justice?The BN Srikrishna Committee Report on Institutionalisation of Arbitration Mechanism in India states that a lack of governmental support to promote arbitration is also one of the reasons why arbitration has not become the most preferred way of resolution. The report goes on to suggest that there should be awareness programmes and training to make arbitration a more popular concept. However, such awareness campaigns are very unlikely to attract parties to arbitration given the way it functions at present.Quality of arbitration and arbitrators can often be suspect. The courts have settled the legal proposition that an arbitration agreement is not required to be in any particular form. Courts in India regularly interfere and do not respect party autonomy. The award is expected to be up for appeal or review in the higher courts and that really does not instill confidence in the parties involved in disputes. These factors are putting off parties from adopting arbitration. At present, it appears that only in a handful of matters involving very large claims, arbitration is still viable in India.Q.Chand was alleged by Suraj on the acquisition of his house in Delhi which was decided to be dealt under the Arbitration Act. The arbitrator asked Chand to submit his statement within a month. Chand failed to submit his statement within the stipulated time. The arbitrator terminated the proceedings on account that Chand failed to submit the statement. Is the termination valid?

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The conciliation proceedings shall be terminated ______________.

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After the settlement agreement is reached between the parties to conciliation ________________.

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The evidence which is inadmissible under section 81 is _____________.

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