EFFICIENCY IN DISPUTE RESOLUTION
Disputes are common in business, and dispute resolution professionals are coming under increased pressure to respond to the escalating number of cases they are being asked to oversee. According to data from the International Chamber of Commerce (ICC), though there was a marginally lower caseload in 2017, compared with the record-breaking 2016, there is still steady long-term growth in the number of new cases filed. According to the ICC, 2017 saw a total of 810 new cases filed, involving 2316 parties from a record 142 countries. These cases represented an aggregate value in dispute of over $30.85bn.
Companies may be required to handle multiple conflicts on a domestic or international level during the course of their operations. The efficient resolution of those disagreements is crucial to ensuring costs accrued and the time spent handling an issue are kept to a minimum, allowing companies to focus on their primary operations without the distraction of a complex dispute.
With a number of options available to them, parties must choose the forum for their dispute resolution wisely, taking into consideration a number of factors including, crucially, cost.
Oct-Dec 2018 issue