Chapter VII, encapsulated in Section 34, delineates the grounds upon which an arbitral award may be challenged and set aside by the court. On the other hand, Chapter VIII, encompassing Sections 35 and 36, underscores the finality and enforceability of arbitral awards.

Chapter V of the Arbitration and Conciliation Act, 1996, provides a comprehensive framework for the conduct of arbitral proceedings. It emphasizes the principles of equality, fairness, and efficiency, ensuring that all parties involved in arbitration are treated fairly and have the opportunity to present their case effectively. Chapter VI of the Arbitration and Conciliation Act, 1996, addresses the process of making arbitral awards and the termination of arbitral proceedings. It sets out the requirements for the form and content of arbitral awards, the rules applicable to the substance of the dispute, decision-making by the arbitral tribunal, settlement of disputes, correction and interpretation of awards, and enforcement of awards.

Inventory management is the process of overseeing and controlling the ordering, storage, and use of components that a company uses in the production of the items it sells. It also involves managing the quantities of finished products available for sale. Efficient inventory management ensures that a business has the right products in the right quantity, at the right time, and in the right place, all while minimizing costs.