ARBITRATION IN CONSTRUCTION INDUSRTY
Keywords:
construction projects, Price Water Houses Coopers, social infrastructure, Project managementAbstract
The construction projects volume is growing rapidly all around the globe majorly in countries like India, China and US. This industry is contributing much towards the GDP of the country because this industry is linked with other industries involving people with various skills. In this article I have laid my emphasis on the benefits of arbitration over litigation since the need of the hour is the speedy disposal of the cases. None of the nations can afford the cases related to the construction industry become stagnant since it would lead to a stagnant economy. The reasons and causes for the disputes are numerous. In India, Arbitration is governed by the act of 1996 which is known as arbitration and conciliation act and was modified in 2005. This amendment led to a remarkable development in the adjudication of construction associated issues. An Arbitration Centre was been set up by collusion between the Construction Industry Development Council India (CIDC) and Singapore International Arbitration Centre (SIAC), “The Construction Industry Arbitration Council”, came along with an objective to implement an institutional machinery to resolve issues associated to construction and infrastructure. A recent evolvement by the Cabinet Committee on economic affairs regarding approval of certain initiatives by the NITI Aayog has been welcomed. Lastly, a comparative study of states like US and UK shows us the growing inclination towards arbitration for resolving a construction dispute. Every nation look towards developing its nation and that can never be achieved with a stagnant or declining GDP and this problem can only be resolved by speedy and efficient disposal of construction disputes.
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