Abstract
The primary objective of this paper is to analyze how arbitration has evolved as an alternative to dispute resolution apart from regular and cumbersome court proceedings. The researcher has further dealt with the relevance of an arbitration clause in the contract. How one need to be cautious while drafting an arbitration agreement. In this paper researcher has extensively discussed the essential elements of an arbitration agreement and when an agreement will be considered to satisfy the provisions lay down under section 7 of the Arbitration Act, 1996. The researcher has also traced down the trend followed in India while interpreting the existence of valid arbitration agreement. The relevance of words may and shall use in the agreement and what impact it has on the validity of the contract. In this paper researcher has confined her discussion to the importance drafting arbitration agreement in Indian context and has not extended her research to other jurisdictions.
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