Sector OverviewSet up in 1927, the Federation of Indian Chambers of Commerce and Industry (FICCI) is the largest and oldest apex business organization of Indian business. With a nationwide membership of over 2000 corporates and over 500 chambers of commerce and business associations, FICCI espouses the shared vision of Indian businesses and speaks directly and indirectly for over 2,50,000 business units.
In order to provide arbitral services for settlement of commercial disputes of a domestic as well as international nature, FICCI, in the year 1952, established FACT (formerly known as the FICCI Tribunal of Arbitration [FTA]). FACT was set up to offer dispute resolution services primarily to FICCI members and other parties who may desire to submit their disputes to FACT. FACT, headquartered at New Delhi with offices spread all across the country and overseas, has an active panel of prominent arbitration experts on its board. Besides, it has signed international co-operation agreements with several arbitration organisations around the world for facilitating international arbitration.
FACT services and rules
The FACT mission is to resolve business disputes outside the traditional framework offered by courts of law, i.e. by various alternate dispute resolution methods, namely arbitration and conciliation, as the case may be. Owing to its unique supervision and management in both arbitration and conciliation, FACT is positioned to offer its clientele customized follow-ups and quality service in an atmosphere of security, transparency and confidentiality.
FACT provides a wide range of services for parties engaged in trade and commerce with and within the region. As an institutional arbitration centre, FACT's outlook is to provide efficient, flexible and impartial administration of dispute resolution proceedings. The services it offers include administrative and support services, such as secretarial and other professional assistance for the holding of arbitration and conciliation proceedings along with supervision of arbitration and conciliation proceedings, appointment of arbitrators, choosing the venue for the arbitration and fixation of the fees of arbitrators and conciliators. FACT maintains a Panel of arbitrators / conciliators of the highest ability and professional competence, recognised for their diverse knowledge and practical experience in their respective fields
- To administer international and domestic arbitration under the Rules of FACT.
- To promote public confidence in the ADR mechanism of conciliation / mediation as a process for resolving disputes and to create a culture of settlement of disputes through such mechanisms.
- To establish and maintain a comprehensive Panel of Arbitrators and Conciliators from an extensive array of distinguished and impartial persons, including retired Judges, Advocates, Chartered Accountants, Executives, Engineers, Company Secretaries, Businessmen, Foreign Nationals, Maritime Experts etc.