About Tamilnadu Chamber of Commerce
Tamilnadu Chamber of Commerce and Industry (TN Chamber) was established in the year 1924 at Madurai with the primary objective of serving the cause of Trade and Industry. TN Chamber is one of the largest Chambers in India,well renowned and proactive, making effective and result oriented representations for the growth of trade & Industry and for the cause of public welfare.TN Chamber was responsible for getting several key infrastructure in Southern Tamilnadu for its Industrial and economic development.
The Chamber Arbitration Tribunal (ChaAT) administered by TN Chamber Foundation, was established by Tamilnadu Chamber of Commerce and Industry (TN Chamber), Madurai on 24.11.2007.
TN Chamber is the first chamber to establish an Arbitration Tribunal with Mediation Centre, an Alternate Dispute Resolution in Tamilnadu, excluding Chennai. The Chamber Arbitration Tribunal ( ChaAT) will provide solutions for commercial disputes.
1. What is commercial arbitration?
Arbitration is an alternative dispute resolution (ADR) which is agreed by parties of the dispute. Arbitration can be used to replace the traditional way of litigation in court. With such pros like simple procedure and flexibility as agreed by parties help parties to settle their dispute faster.
2. Advantages of commercial arbitration
Parties are facilitated with more autonomy with regards to procedural matters such as time, place, language, governing laws, etc. Moreover, normally, parties choosing arbitration do not have to go through different levels of adjudication, as in the national court system, which helps to save time and money for both sides
1. What is mediation?
Mediation is the process of negotiating between parties in order to settle the disputes with the help from a third party (called mediator). Mediation shares many similarities with negotiation except one, there is no third party in negotiation guiding other parties through negotiating the process.
2. Advantages of commercial mediation
Mediation procedure is conducted promptly and flexibly; Parties can determine by themselves any person to become mediator as well as place of mediator. Therefore, with such choice, parties can select person whom has expertise knowledge on the issues of the case; With friendly nature, mediation is designed in order to maintain and develop relations for both parties’ benefit.
- The ChaAT is an independent, professional and long-standing arbitration institution in India for the settlement of domestic disputes and disputes with foreign elements by arbitration and mediation.
- Arbitrators at the ChaAT are Indains and high-ranking international experts in various areas.
- Professional secretariat.
The parties are free to agree on:
- The selection of Arbitrators, qualifications for and nationality of Arbitrators.
- Language of arbitration (in disputes with a foreign element or disputes in which at least one party is an enterprise with foreign investment capital).
- Applicable law (in disputes with a foreign element).
- Place of arbitration.
- Time for dispute settlement.
- All queries on arbitral proceedings are timely responded.
- The communication among the ChaAT, the parties and the Arbitral Tribunal is convenient and rapid.
- The Rules of Arbitration are transparent and uniformly applied in accordance with the agreement of the parties.
- The access to documents of the parties during the arbitration proceedings is guaranteed.
- The Costs of Arbitration are publicly available on the website: Arbitration.
- Arbitrators resolve disputes independently, impartially and objectively in accordance with laws and meet international standards.
- Arbitrators have in-depth expertise in many areas.
- The information and process of dispute resolution are confidential.
- Reasonable time and costs.
- Arbitral Awards issued by ChaAT are directly sent to Indian Enforcement Agencies without conducting the procedures for recognition and enforcement at a Court. In cases that are enforced in foreign countries, ChaAT Arbitral Awards shall be enforced in more than 150 nations and territories which are members of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York, 1958) (the “New York Convention”).
- Commercial disputes will be settled amicably within 6 months
- No permanent animosity. It will be a Win-Win-situation for both the parties
- Much reduced cost compared to regular courts
- In-Camera enquiry
- The parties themselves can conduct the case or engage lawyers
- More time at the disposal of the businessmen to concentrate on their business instead of a litigation
- Transparent and simplified procedures
- Hearing can be had in any place at any time at the convenience of the parties and arbitrators
- Litigants need not be members of the TN Chamber
- Proceedings can be either in English or Tamil
- International Commercial disputes can also be settled
- If parties agree, Mediation will be tried before going to arbitration