Arbitration is a form of alternative dispute resolution (ADR) that is designed to resolve disputes quickly and efficiently. It is a private process in which the parties to a dispute agree to submit their dispute to a neutral third party, called an arbitrator, for a binding decision.

Arbitration offers a number of benefits over litigation, including lower costs, greater confidentiality, and faster resolution of disputes.

Arbitration also has some disadvantages, including its less formal nature, the parties' reduced control over the process, and the final and binding nature of the arbitrator's decision.

The key difference between arbitration and mediation is that in arbitration, the arbitrator makes a binding decision, while in mediation, the mediator helps the parties to reach their own agreement.

The arbitrator's role is to hear evidence and make a decision. The arbitrator is not a mediator, and does not help the parties to reach their own agreement.

The mediator's role is to help the parties to reach their own agreement. The mediator is not an arbitrator, and does not make a decision for the parties.

The key difference between a tort and a breach of contract is that a tort is a civil wrong, while a breach of contract is a breach of a promise.

The elements of a tort are duty, breach of duty, causation, and damages.

The key difference between negligence and intentional torts is that negligence is a breach of a legal duty to take care, while intentional torts are intentional acts that cause harm.

The defenses to a negligence claim include contributory negligence, comparative negligence, assumption of risk, and act of God.

The key difference between compensatory damages and punitive damages is that compensatory damages are intended to compensate the plaintiff for their losses, while punitive damages are intended to punish the defendant.

The statute of limitations for a tort claim varies depending on the jurisdiction.

The purpose of the Arbitration and Conciliation Act, 1996 is to promote arbitration as a means of resolving disputes, to provide a framework for the conduct of arbitration proceedings, and to enforce arbitration agreements.

Arbitration under the Arbitration and Conciliation Act, 1996 offers a number of advantages over litigation, including lower costs, greater confidentiality, and faster resolution of disputes.

Arbitration under the Arbitration and Conciliation Act, 1996 also has some disadvantages, including its less formal nature, the parties' reduced control over the process, and the final and binding nature of the arbitrator's decision.