Arbitration remains the preferred means of alternative dispute resolution in the country, despite having its fair share of loopholes and shortcomings, besides the lack of institutional infrastructure, a survey has revealed.
The PWC Arbitration Survey Report, which will be released on Monday by Justice Shivraj Patil, says that 95 per cent of the companies surveyed used arbitration as a standalone solution or in combination with other mechanisms in order to sort out legal issues.
The survey lists speed, flexibility and confidentiality as the top three factors that make arbitration the most preferred method.
Reputation in relevant sectors, knowledge of law and prior experience were judged as the top factors taken into account, while selecting an arbitrator. Retired Supreme Court and High Court judges are the preferred choice in most cases. India, Singapore and England are among the top three in the world with the most number of arbitration cases, the survey shows.
In India, the level of dissatisfaction is 21 per cent with decisions through arbitration, while outside India it is 7 per cent.