According to Halsbury, arbitration is the referral of a disagreement or difference between at least two parties for resolution by a person or individuals other than a court with competent jurisdiction, after hearing both sides in a judicial fashion.
Varied countries' domestic laws take different approaches to how much adjudication power can be entrusted in tribunals that operate outside of the state's monopoly on justice administration. This is mirrored in different jurisdictions' opinions on the permissibility and scope of domestic judicial intervention in international commercial arbitrations. In terms of its power of intervention, the Indian judiciary has taken an expansive approach. There are millions of cases waiting in Indian courts. The Arbitration was established to relieve the courts of their burden. Arbitration is a quick, cost-effective, and time-efficient means of resolving a dispute. Arbitration law is based on the notion of removing a dispute from the usual courts and allowing the parties to choose a domestic body to resolve it.