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...The absence of effective means for enforcement of contracts is a serious fetter on the legal system and impedes economic growth and development. India’s poor record in enforcement of contracts is not surprising given the notoriously high pendency of cases and endemic delays in Indian courts. Therefore, there is a need to provide viable alternatives to litigation. Arbitration is often the first alternative amongst these—it holds the promise of flexibility, speed and cost-effectiveness. However, arbitration in India is often far removed from these ideals. The most popular form of arbitration (between 90-95%) is ad hoc arbitration wherein parties regulate the arbitration proceedings themselves. In contrast, institutional arbitration involves the regulation of arbitration proceedings by an institution, which applies its rules of procedure. ...Live Mint on Aug. 17, 2017, 4:34 a.m.