6 Most Important Differences between Industrial Arbitration and Commercial Arbitration are listed below:
1. It prevails in the industries.
2. It involves the extension of an existing agreement or the making of a new one, or in general the creation of new obligations or modification of old ones.
3. It requires a detailed procedure. [Sec. 10- A)]
4. It may be created at any time, but before the Reference of Dispute made by the Government.
5. Generally, the arbitrators are chosen the Government Officers as the arbitrators.
6. A notification shall be published in the Official Gazette.
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1. It prevails in commercial transactions, particularly in contracts, partnership, business, etc.
2. It involves with interpretation of existing obligations and disputes relating to existing agreements.
3. The Procedure is very simple, comparing with that of the industrial arbitration.
4. Generally there must be a provision in the contract itself.
5. Generally, private persons are chosen as the Arbitrators.
6. No such notification is required.