May 25, 2023: Center for Executive Education (CEE), IBA Karachi conducted a seminar on domestic & international trends in dispute resolution of commercial contracts.
The seminar was attended by more than 150 people belonging to the legal fraternity, and it aimed to highlight the importance of efficient dispute-resolution mechanisms in the context of contract implementation and performance.
The seminar brought together renowned international as well as local experts, it explored the efficacy of using mediation to settle commercial disputes both within the country and internationally. The concept and the legal framework around mediation was explored with a view to empowering businesses to choose more efficient methods of dispute resolution to enhance contract enforcement and performance.
Differences of opinion, disagreements or disputes often arise during the course of contract implementation and performance. Businesses however, need efficient mechanisms to deal with such disputes in a timely and effective manner. Recourse to litigation is cumbersome and creates an irreparable break in contract performance, and the future relationship of the parties. In most developed jurisdictions therefore, litigation is seen as a measure of last resort and other methods of dispute resolution are preferred.
Internationally a number of countries have ratified the Singapore Convention which now enables parties to invoke mediation as a means of settling agreements across borders. In Pakistan, various provincial laws now facilitate parties to settle legal and commercial disputes through reference to mediation. In October 2019 IBA established a dispute resolution forum with a mediation centre which has now been accredited by the Sindh High Court.
For more details on the IBA Dispute Resolution Forum, and upcoming courses, please visit: https://sdp.iba.edu.pk/drf.php