17 Jan A safety net for businesses in international transactions
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An inclusive integrated dispute resolution eco-system for Importers, Exporters, cross-border investors.
While Europe, America and other parts of the world are crisscrossed 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 of these 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 dependent on only few institutions? Why not an all-inclusive, integrated network or web of institutions in every state of the world? Why should we bank on the age old international commercial arbitration? Why not 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 money, with an uncertainty of delayed and biased arbitral awards? The entire cross-border dispute SYSTEM needs a big change, including international commercial arbitration.
To deliver viable international commercial dispute resolution, 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 flexible and diverse set of rules, a diverse and large panel of dispute resolution talent from around the world having profound knowledge and insight. An institution with an intercontinental 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 this transnational global phenomenon. Businesses operating in transnational transactions can now operate confidently with a safety net created by the FICM-MCN ecosystem 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, that is the main stay of this system.[/vc_column_text][/vc_column][/vc_row]
