source link Disputes are, to a great extent, unavoidable in most of the construction projects. Parties entering into a contractual relationship often place little attention to the dispute resolution mechanism under the contract, possibly, assuming that they will maintain the same good relation they had at the time they entered into the contract.
Evidentially, effective dispute resolution helps minimize the costs and adverse effects to relationships that often arise from commercial disputes. If informal negotiation fails to resolve a dispute, arbitration can often be the next best option to resolve such dispute.
Arbitration may be conducted under a set of rules agreed by the parties (ad-hoc arbitration), or may be conducted under the auspices of an institution (institutional arbitration) such as the LCIA, ICC, DIAC, etc.
Our team understands the pros and cons of Arbitration and other dispute resolution mechanisms. We will be providing opinions on technical and contractual matters governing Arbitration along with the options, risks and opportunities involved in the process.