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Commercial disputes are common place worldwide. Be it unpaid invoices, product quality problems or outright fraud. Anyone doing business must stay alert in case of potential financial losses due to such hazards. However, badly managed disputes can destroy precious business relationships, take up valuable management resources and cost a great deal of money. Avoiding a lengthy and expensive litigation is often in the best interest of all parties. This is especially true, when the amounts of money involved are not very high and court action would cost more than the claim.
Therefore, the Indo-German Chamber of Commerce offers alternative dispute resolution procedures which save our customers time and money. This is the arbitration as described below or the claim case procedure.
A fair and timely expert decision based on the facts and the law
Arbitration refers to a legal technique of solving disputes outside the courts and is an important aspect of international trade and industrial collaboration. In contrast to a Claim Case Procedure in which only moral pressure is exerted on the opposing party, the arbitration procedure is formalised (but less formalised than litigation) and the arbitral award is final, binding and enforceable for both parties. Often a dispute resolution by arbitration is provided for by the business contract between two companies. We offer to organise an arbitration for you and to support you as one of the arbitrators.
During an arbitration the dispute is settled by an arbitral tribunal which generally consists of three arbitrators. Usually two of the arbitrators are appointed by each party and the third one is appointed either by the two chosen arbitrators in unison or by a neutral third party. Arbitrators listen to what is really going on, cut through the heart of the matter and make a fair decision, invariably binding and final. With its knowledge of trade practices and business methods prevalent in India and Germany, the Indo-German Chamber of Commerce has a long and successful tradition in resolving disputes effectively through arbitration. Our arbitration panels are in Mumbai, Chennai and Bangalore.
You get more personal attention in an arbitration procedure and the case is settled faster than it would be by an overloaded court system. Arbitration is cheaper and may even result in useful compromises. Apart from this we will make sure that you will get a fair and enforceable expert decision based on facts and law.
We recommend the following Arbitration Clause to be inserted in contracts or agreements:
"Any dispute or difference or claim out of or in relation to this contract including the construction, validity, performance or breach thereof, shall be referred to the Indo-German Chamber of Commerce (the Chamber), Mumbai, for settlement under the Arbitration Rules then in force. The Award of the Arbitral Tribunal of the Chamber shall be final and binding on the parties hereto."
Price available on request