The North American Free Trade Agreement (NAFTA) came to an end on 1 July 2020. After 24 years, it has been replaced by a new agreement called the Canada-United States-Mexico Agreement. The main impact as far as the energy sector is concerned was elimination of the famous Chapter 11 dispute resolution provision. Chapter 11 of NAFTA gave private investors the right to bring claims directly and unilaterally in the host country. This was unique at the time when the arbitration world was dominated by state-to-state proceeding.
Read moreADR key to resolving int'l trade disputes? Experts believe so
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 moreSuccessfully arbitrating disputes
While the UAE provides some of the best and the most lucrative business opportunities to entrepreneurs all over the world, such opportunities come with their own set of disputes between employees, competitors and other corporate entities. Usually, mediation and negotiation techniques help in such matters. However, in disputes where mediation and negotiation techniques do not work, arbitration is often the most effective option being one of the less expensive ways to settle a dispute between parties.
Read moreCommercial Contracts and ADR Clauses - Who said they were optional?
Most 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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