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Contracts and Arbitration for Managers

Contracts and Arbitration for Managers

First Edition

February 2016 | 252 pages | SAGE Response

This book presents contracts and arbitration from a business perspective. The book targets managers and engineers – who do not have a formal law education– but grapple with issues related with contracts and arbitration very often. It will help them in dealing with these issues while making strategic business decisions.

Institutional and Ad Hoc Arbitration
Liquidated Damages
Force Majeure
Arbitration Clause
Mandate of an Arbitrator
Challenging an Award
Public policy
Appendix: Important Definitions

[This is] an outstanding book written authoritatively on the topic of contract and arbitration. It fills a huge void on the topic and would be useful and of great interest to every business manager at all levels. Professor Agarwal’s academic distinction and professional brilliance in engineering and law with a vast experience on these subjects make him ideally suited to write the book: A unique book of its kind.

Bishwajit Bhattacharyya,
Senior Advocate (Supreme Court) and Former Additional Solicitor General of India

Professor Agarwal has straddled business, law and academia providing his book with the rigour of a researcher, the world view of management and the practical issues noticed by lawyers in their professional life. His multiple viewpoints strengthened by his interaction with industry participants at the IIM Ahmedabad (IIMA) campus give him a strong foundation on the subject which is never divorced from reality. This is a must-read for managers, students and law professionals who are interested in the subject.

Sandeep Parekh,
Founder, Finsec Law Advisors, Mumbai

I am happy to know that Professor Anurag K. Agarwal, an engineer turned lawyer, turned Professor of business law at IIMA has come out with another unconventional book titled Contracts and Arbitration for Managers, bringing holistic perspective of the concept of contract and arbitration with a practical approach. In the post-liberalisation era, it is fairly common for commercial contracts, whether with private corporations or with the government, to usually contain an arbitration clause, which requires sound legal strategy right from the language of terms of contract including arbitration clause, till the execution/enforcement stage. I am sure stakeholders will find this book to be a complete encyclopaedia on the subject.

Justice N.N. Mathur,
Former Vice Chancellor, National Law University, Jodhpur

It is one of the most lucid read. Only Professor Agarwal could pull up such a work, where the intricate concept of laws are explained in the most understandable terms. I believe it is a must-read for corporate managers. Especially in modern times when every manager is facing issues with contract management and alternative dispute resolution, this book comes as an interesting read. I have had the occasion of attending Professor Agarwal’s classes during my MBA days from IIMA. Let me say there are very few teachers who can teach the complex legal principles in such simple language. Most of my understanding of contract laws and international commercial arbitration is courtesy the teachings of Professor Agarwal. I can say he is one of the best teachers that IIMA has.

Mukul Shastry,
Chief Manager—Legal, KEC International Limited, Mumbai

Ten years back, during my brief stint as an intern under Professor Agarwal, one of the projects I loved working on was in relation to mental health laws in India and abroad. As it was my first internship, I tried hard to include all relevant sections of the legislations. When I took my work over to him, he asked me if I had watched the movies Seema and Sadma. We saw portions of both movies in his chamber and debated over unsoundness of mind and consent. He always managed to bring any subject alive. That is exactly what he has done with this book.

Peppering each chapter with instances that draw up parallels in real life, the book goes on to explore the origin of the contract and arbitration law, analyses them from an international as well as Indian perspective, clearly enumerates the various facets involved and contains some very direct takeaways, answering the practical doubts that every manager faces when dealing with contracts filled with legalese and arbitration clauses. Simply put, this book effectively demystifies the law and would be an effective guide for all professionals.

Karishma Baria.
Senior Associate, Wadia Ghandy & Co., Mumbai

In today’s topsy-turvy but engulfing and dynamic business, Indian markets are equally pulsating with international market and its parties. The parties which have global footprints are entering into contracting relationship with Indian counterparts and their managers. These managers, who are mostly from engineering background, have proven their mettle in the global business world from number crunching to applying business strategies.

In today’s scenario, the onus of interpretation between the contracting entities on risks and rewards, and considerations and obligations is required to be understood with bare threaded details by our responsible Indian managers who are administrating the contracts. But Indian managers feel suffocated when they are on collision path in certain business entangles and unable to understand contracts, arbitration and litigation aspects of contracting. They do not feel that their legal armour is foolproof to understand the take on such business entangles.

However, now they have a chance to peep into the world of contracting and arbitration through this book by Professor Anurag K. Agarwal who is an engineer-turned-lawyer-turned-professor at IIMA. His sheer magic of changing complex legal concepts to chewable and simpler form for today’s Indian managers to understand legal concepts would act as effective enabler to take on such legal entangles with confidence by bringing them on the path of awareness of laws of contracts. I wish Professor Agarwal continues to connect the legal world and the ambit of fast-growing business, seamlessly helping today’s engineers-turned-managers.

Vikas Sobti,
Manager—Purchase and Supply Chain Management, Cairn India Limited

A major hiccup for companies willing to do business in India is their concern over how to make way through the labyrinthine legal structure. Enforcement of contracts and a swift hassle-free dispute resolution mechanism is at the heart of rule of law. Suitable guiding literature in this regard has been missing and this book can equip professionals, managers, entrepreneurs and the like to understand the intricacies of this vital domain. This book comes handy both for the working professional as well as for the curious academic.

Professor Agarwal emerges at his best in this book and comes out as the master of his art. His grasp of the subject matter at hand is profound and the coherence in his ideas impeccable. The book reflects years of his experience in legal, managerial and academic arenas. We hope to see more such marvels from Professor Agarwal in future.

Rohan Anand,
Class of 2011, IIMA Indian Police Service, 2013 Batch, Gujarat Cadre

Contracts and arbitration are things everyone need to understand. Professor Agarwal’s classes proved absolutely invaluable to me when I started working. It is great that he will now be sharing the benefit of his knowledge and experience with a much wider audience through this book.

Aditi Krishnakumar,
Class of 2007, IIMA Risk and Compliance Officer, Ocean Dial Asset Management, Singapore

“This book will prove to be boon for quick and clear understanding of the subject. It is an easy tool which will expand the knowledge of understanding of complex law of contract and arbitration law in India.”

Consulting Ahead, July 2016

The scholarship of the author is evident from the unique style of narration of intricate technical details…perhaps this is the only book dealing with an area of considerable business significance. The book contains a crisp yet summarized description of the significant legal issues deserving attention of working managers who may not be well versed with the technicalities of law.

Volume 21 (Issue 1), March 2017