Telangana govt designates IAMC as arbitral institution in all contracts
Hyderabad: The Telangana law department issued an order designating International Arbitration and Mediation Centre (IAMC), Hyderabad as the arbitral /mediation institution in all contracts above Rs.3 crore where the Ministries, Departments, Public Sector Companies and other entities controlled or managed by the State government are a party. The order has been issued in furtherance of […]
Hyderabad: The Telangana law department issued an order designating International Arbitration and Mediation Centre (IAMC), Hyderabad as the arbitral /mediation institution in all contracts above Rs.3 crore where the Ministries, Departments, Public Sector Companies and other entities controlled or managed by the State government are a party.
The order has been issued in furtherance of a Memorandum of Understanding (MoU) entered between the State government and IAMC on October 27, 2021.
The other highlights of the order are – all Ministries, Departments, Public Sector Companies, and other entities controlled or managed by the State government should designate IAMC as the arbitral/mediation institution in all their contracts containing an arbitration clause having a value of more than Rs.3crore.
With respect to subsiding contracts valued at more than Rs.10 crore, they must discuss with counterparties to suitably amend the same to designate IAMC as the arbitral/mediation institution concerned. Any ongoing ad-hoc arbitrations valued at more than Rs.10 crore to which the State government, or its instrumentalities are parties, request the arbitral tribunal to use the facilities and services of IAMC for conducting their proceedings.
“It is heartening to see the State government leading the way in supporting institutionalization of ADR. We hope that other States will follow. This move takes us closer to the vision of the Chief Justice of India in making IAMC, Hyderabad a world class centre on par with other centres in London, Dubai and Singapore” said Tariq Khan, Registrar of IAMC, Hyderabad.
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