The Indian Arbitration and Conciliation Act governs the arbitration statute in India. It is based on the Model Law on International Commercial Arbitration adopted by the United Nations Commission on International Trade Law in 1985. Previous statutory provisions on arbitration were contained in three different enactments, namely, the Arbitration Act, 1940 the Arbitration (Protocol and Convention) Act, 1937 and the Foreign Awards (Recognition and Enforcement) Act, 1961. The Arbitration and Conciliation Act, 1996 has repealed the Arbitration Act, 1940 and also the Acts of 1937 and 1961. Through Arbitration we help our clients in dispute settlement process wherein a third party is appointed to review the facts and merits of a case and further, reach a binding decision on the parties. It is an efficacious alternate dispute resolution process wherein the parties to the dispute must have previously consented to the arbitration, as part of a contract or before the court of law.