A SAFETY NET FOR BUSINESSES IN INTERNATIONAL TRANSACTIONS

23

INTERNATIONAL

An inclusive integrated dispute resolution eco-system for Importers, Exporters, cross-border investors ....

A SAFETY NET FOR BUSINESSES IN INTERNATIONAL TRANSACTIONS

24

INTERNATIONAL

While Europe, America and other parts of the world are cris- crossed with arbitral institutions, but unfortunately most of these institutions have become complacent, plagued with unnecessary procedural and appointment delays, exorbitant costs, limited pool of arbitrators and some awards that do not get enforced. Moreover even if the awards are delivered, enforceability of the awards is delayed, sometimes for many years. Moreover none are really addressing the needs of small and medium business transactions while they may also not have a viable reach outside of the countries in which they themselves operate.

What is the solution?

Why are we using one mechanism only? And why having only few institutions? why not an all inclusive, integrated network or web of institutions in every state of the world?

Disputes can be resolved to its �nality if we use cost effective hybrid mechanisms at our own time, pace and place of comfort. Why should we struggle in an international dispute so much so that we end up wasting valuable time and lot of money, still uncertain, if the award can actually be enforced against any asset of a state or not. The entire dispute SYSTEM needs a big change, including arbitration, with a new worlds perspective, with a

purely commercial perspective.

To deliver viable international commercial dispute resolution solutions, we need ONE inclusive global SYSTEM. A dispute resolution eco-system around the world that incorporates all procedures that take care of disputes emanating from any country, including all those countries that have signed up to the obligations of the New York Convention. We need one global body governed by its own members, having �exible and diverse set of rules, a diverse and large panel of dispute resolution talent from around the world who have profound knowledge and insight. An institution with a inter-continental reach, which allows all of the continents to participate. FICM-MCN has drawn up the plans that would allow any regional players in ADR that would wish to join the transnational global phenomena.

Businesses operating in transnational transactions can now operate con�dently with a safety net to manage and prevent disputes and to enforce their rights and obligations in the international environment. More and more commercial enterprises and companies of all sizes are signing up to common ground rules and ethics in commercial transactions and are also pledging to resolve disputes through consensual mechanisms before looking for any adversarial options.