Arbitration is a private, informal process by which the parties agree, in writing, to submit their disputes to one or more independent and impartial persons who adjudicate and resolve the disputes by rendering a final and binding award. Arbitration is considered as flexible, speedy and confidential mode of dispute resolution compared to Courts procedures. The most important aspect in the arbitration is that the award is final and biding. In an international commercial arbitration, the arbitral award can be directly enforced in another country as a foreign award, where arbitration award is to be enforced is a party to the New York Convention 1958 on recognition and enforcement of foreign awards.