Dispute Resolution Mechanisms: Another Tool for Your Business
As disputes are an inevitable part of running a business, it is important businesses put contracts in place to lock in the price to be paid for the product or service, outline expectations for both parties and protect both parties if those expectations are not met. A contract should also have a section devoted to the treatment of disputes, providing for their resolution where possible, perhaps through arbitration.
Arbitration is a dispute resolution mechanism that is different from litigation or mediation and is becoming an increasingly popular alternative to the traditional court system due to its finality and flexibility, in addition to its time and monetary savings. Compared to traditional courts, arbitral proceedings use an individual who has an appropriate degree of expertise concerning the dispute at hand. In the event of a dispute, an arbitration clause within an agreed contract can resolve the matter in a confidential and formal process that ensures a valid resolution is met and is enforceable in both jurisdictions of each disputing party.
ICC Arbitration assures the best quality of service. That is because it is delivered by a trusted institution and a process that is recognized and respected as the benchmark for international dispute resolution. From straightforward sales contracts to intellectual property matters, joint ventures, share purchase arrangements or state-financed construction projects—whatever the case—ICC Arbitration can assist in resolving disputes of all sizes.
To help ensure your contracts have the appropriate precautions in place in the event of a dispute, the ICC recommends that your business incorporate a ready-to-use arbitration clause.
To learn more about ICC Arbitration and how it can help protect your business interests, click here.