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Alternative dispute resolution (ADR) methods may just be the answer to resolving disputes between the parties contracting under letters of credit (LC) in international trade deals, especially during the economic fallout of the Covid-19 pandemic.
Importers and exporters normally require intermediaries such as banks or alternative financiers to guarantee payment and the delivery of goods.
Read moreNew Delhi, Nov 15 (PTI) With an overhang of disputes choking investments in the oil and gas sector, the government is pushing for contractual wrangles being sent to an expert committee for time-bound resolution but the move has found few takers due to inherent conflict of interest in such a process, sources said.
Read moreMost Commercial Contracts will have an ADR (Alternative Dispute Resolution) clause that requires the parties to engage in non-Court methods to resolve a dispute rather than launching straight into Court action.
The Courts have been taking a more robust approach in making it clear to parties that such clauses should be followed and are not optional.
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