The Chamber offers professional assistance in arbitration for commercial disputes between member companies and others. These are governed by the Rules of Arbitration and Conciliation of the MCCI.
Our objective is to provide arbitration services and to arbitrate in the settlement of disputes arising out of commercial transactions between parties willing or agreeing to abide by the judgment and decision of the Chamber.
Significance of arbitration clause in agreements
The existence of an arbitration agreement is a sine qua non for exercise of jurisdiction under Section 11 (6) of the Arbitration and Conciliation Act 1996. Parties should incorporate in their respective commercial and service agreements a clause for arbitration of the disputes arising out of breach of the contractual obligations.
Provisions of Arbitration and Conciliation Act 1996
The enactment of Arbitration and Conciliation Act 1996 has imparted a greater finality to the Arbitration and Conciliation proceedings which has consequently found favour with the members of the Chamber. The Chamber has a Panel of Arbitrators comprising eminent senior professionals who possess the requisite expertise.
Fee : Rs 5000 towards administrative expenses to be paid in advance to MCCI.
Arbitrator’s fee : To be mutually agreed upon.
Arbitration clause recommended by MCCI
The MCCI recommends to all parties desirous of making reference to Arbitration to the MCCI, the inclusion of the following arbitration clause in their contracts/agreements:
"All disputes or differences whatsoever arising between the parties out of or relating to the construction, meaning or operation or effect of this contract/agreement or breach thereof shall be settled by arbitration in accordance with the Rules of Arbitration and Conciliation of the Madras Chamber of Commerce & Industry and the Award made in pursuance thereof shall be binding on the parties".
MCCI’s Rules of Arbitration and Conciliation
On the basis of the Arbitration and Conciliation Act 1996, the MCCI has made its Rules for Arbitration and Conciliation. These can be obtained from the Chamber’s office on payment of Rs. 25/- per copy.
We look forward to help as many members as possible to resolve their disputes by extending to them the arbitration services.