KARACHI: National Centre for Dispute Resolution (NCDR) has signed a cooperation agreement with the Istanbul Chamber of Commerce. As per the cooperation agreement the institutions shall establish cooperation for the purpose of offering Pakistani businesses operating in Turkey, and vice versa, a forum to solve their disputes arising out of commercial transactions, by using both institutions’ Mediation and Arbitration Centres.
Both institutions shall recommend to the natural and legal persons in its country, engaged in economic transactions between Pakistan and Turkey to insert a multi-tiered dispute resolution clause which shall call the parties in dispute to opt for mediation and only upon the failure of mediation, go for arbitration. NCDR and the Istanbul Chamber of Commerce shall cooperate in the advancement of mediation and arbitration in general, as a means of settling disputes arising out of international commercial transactions. Both institutions shall, upon request, recommend to each other suitable individuals to serve as arbitrator on a particular case or on the roster of arbitrators of an institution as well as assist parties involved in arbitration with the selection of the most suitable arbitrator, as to the qualification and integrity.
Published by: Business Recorder