2 Arbitration and Its Procedures

1. The concept: the parties' agreed private tribunal — the dispute's submission by the arbitration clause (the future-disputes agreement) or the submission agreement (the existing dispute); the award = the binding decision (the court-decree's enforceable force);2. The Nepali statute: the Arbitration Act 2055 (1999), as amended — the modernized framework: the party-autonomy's breadth (the arbitrator's choice, the procedure's choice, the seat-and-language); the court's minimal-intervention policy (the stay-of-suit on the arbitration clause; the appointment's assistance where the mechanism fails; the interim measures' support);3. The procedure (the Act's map): (i) the notice-and-claim's initiation; (ii) the arbitrators' appointment (the sole-or-panel; the challenge-and-replacement); (iii) the pleadings-and- hearing (the parties' proofs; the natural-justice floor — Unit 2's principles applied to the private tribunal); (iv) the award (the reasoned decision; the timeline discipline; the majority rule); (v) the challenge-and-setting-aside (the narrow grounds: the jurisdiction's excess, the natural- justice violations, the public-policy conflict — the fraud-and-corruption bars); (vi) the recognition-and-enforcement (the decree-like execution; the refusing grounds mirrored);4. The international face: the foreign awards' enforcement (the New York Convention 1958's frame — Nepal a party: PIL-I's treaty treatment, Semester 3); the investment-treaty arbitration (the BIPA-based ISDS — Nepal's treaty consents; the MCC-era infrastructure disputes' horizon); the institutional practice (the chambers-and-centres; the ICC-and-NICCI line);5. The arbitration-vs-litigation table: speed / cost / privacy / expertise / finality vs. the appeal-rights-and-the-public-openness…