The ICA Full Form in Law is Indian Council of Arbitration. Initiated by the Government of India and the Federation of Indian Chambers of Commerce and Industry (FICCI), ICA was founded in 1965 with the goal of offering a methodical, economical, and efficient way to settle business disputes outside of the conventional judicial system. It is essential in advancing arbitration as a practical conflict resolution process, especially in the quickly expanding business and commerce sectors.
Purpose of establishing the ICA:
The ICA seeks to encourage and support arbitration as a means of settling disagreements between parties, particularly in business-related contexts. Its main objective is to offer a venue for prompt, unbiased, and legally binding decisions without the protracted delays, exorbitant fees, and intricate procedural requirements that are sometimes connected to the traditional court system. The ICA promotes the use of arbitration in both domestic and international business disputes, which helps to increase overseas investors’ trust in India’s dispute settlement procedures.
Functions of ICA:
By selecting arbitrators, holding hearings, and making sure that awards (decisions) are given in a fair and prompt manner, the ICA offers arbitration services. ICA keeps an extensive roster of highly skilled arbitrators with a variety of backgrounds, including technical, legal, and business knowledge, who are chosen to mediate disputes according to the specifics of each case.
- The ICA Full Form in Law is Indian Contract Act
- The ICA Full Form in Law is International Co-operative Alliance