An Act to consolidate and amend the law relating to domestic arbitration, international commercial arbitration and enforcement of foreign arbitral awards as also to define the law relating to conciliation and for matters connected therewith or incidental thereto.

The main objectives of the Act is to ensure that rules are laid down for international as well as domestic arbitration and conciliation and to ensure that arbitration proceedings are just, fair and effective as also to ensure that the arbitral tribunal gives reasons for its award given.