Arbitration aims to provide a quick, cost-effective, fair, and impartial resolution to disputes, encouraging amicable settlements between parties.

The Arbitration and Conciliation Act, 1996, is the primary legislation governing arbitration in India, providing a framework for the conduct of arbitration proceedings and the enforcement of arbitral awards.

An arbitrator acts as an impartial adjudicator, determines the facts and applies the law, and facilitates negotiations to resolve disputes.

Contract law is based on the principles of freedom of contract, sanctity of contract, and consideration, ensuring that agreements are entered into voluntarily, are legally binding, and have a valuable exchange.

A valid contract requires the presence of offer and acceptance, consideration, and capacity to contract, ensuring that the agreement is legally enforceable.

Breach of contract can result in legal remedies such as damages to compensate for losses, rescission of the contract to terminate it, or injunction to prevent further breach.

An arbitration clause aims to provide an alternative dispute resolution mechanism, facilitating speedy and cost-effective resolution, and encouraging amicable settlements.

Institutional arbitration is not a type of arbitration but rather a type of arbitration procedure conducted under the rules of an arbitral institution.

The court plays a limited role in arbitration, primarily involving the appointment of arbitrators, enforcement of arbitral awards, and, in some cases, review of arbitral awards.

The doctrine of 'Kompetenz-Kompetenz' empowers an arbitral tribunal to determine its own jurisdiction, including its authority to decide on its own competence and the scope of its mandate.

The principle of 'finality' in arbitration means that arbitral awards are generally final and binding on the parties, although they can be set aside by the court on limited grounds, such as procedural irregularities or violations of public policy.

An arbitration agreement is a separate contract that specifically provides for the resolution of disputes through arbitration, while an arbitration clause is a provision within a larger contract that incorporates arbitration as a method of dispute resolution.

The concept of 'severability' in arbitration allows for the remaining provisions of an arbitration agreement to remain valid and enforceable even if a specific provision is found to be invalid or unenforceable.

The arbitral tribunal plays a central role in arbitration proceedings, hearing evidence, determining the facts, applying the law, and ultimately making a decision on the dispute.

The doctrine of 'Kompetenz-Kompetenz' serves to ensure that the arbitral tribunal has the authority to determine its own jurisdiction, preventing interference from the court and promoting the efficiency and effectiveness of arbitration proceedings.