Sequentially arrange the steps of Institutional Arbitration.

A. Defence
B. Arbitration Agreement
C. Statement of claims
D. Selection of Institution
E. Arbitral Award

Choose the correct answer from the options given below:

B, D, C, A, E

The correct answer is Option (3) → B, D, C, A, E

Here's a breakdown of each step:

1. Arbitration Agreement: The first step involves a binding agreement between the parties to submit any disputes to arbitration. This agreement can be a separate contract or incorporated into another agreement.
2. Selection of Institution: The parties then choose an arbitration institution to administer the proceedings. This institution provides a neutral framework and rules for the arbitration process.
3. Statement of Claims: The claimant submits a statement of claims outlining the nature of the dispute and the relief sought.
4. Defence: The respondent submits a defense statement responding to the claimant's allegations.
5. Arbitral Award: After hearing arguments and evidence, the arbitral tribunal issues an award that is legally binding on the parties.