Globalization has expanded the arena of trade across the world. The fast and competitive world requires quick decisions and resolutions to keep in pace, yet, there has to be justification and precision. As human minds and nature is involved in trade and commerce, disputes are inevitable albeit unfortunate aspect of business life. Most of the disputes are resolved through amicable negotiation or settlement. Others are constrained to approach the concerned judicial forums, however on account of long delay and considerable expenditure occurring in the disposal of legal battles there has been tremendous movement towards the resolution of disputes through the alternative forum of arbitrators through which resolution is less cumbersome. The procedure avoids the stress of a conventional trail. It is flexible , speedy, cost effective and convenient process in view of special attention to a particular dispute by the particular arbitrators(s).