Arbitration in a mode for settlement of disputes between the parties. It has a social purpose to fulfill. Today, it has urgency when there has been an explosion of litigation in the courts of Law. The judicial system prevalent in courts is governed by procedural Laws. Many provisions are very technical and have become synonymous with technicalities and obstructions leading to delays. The procedure is so cumbersome that many a times decades are taken for final resolution of disputes. Therefore, an alternate mechanism for resolution of disputes is evolved by reference of disputes to domestic tribunals i.e arbitral proceedings. It is intended to ensure fair and efficient and speedy trial giving finality to the decision. It is also intended to minimize supervisory role of the courts and enhance the assistance.