Dispute settlement in export import trade

Settlement of disputes

 

Dispute settlement in export import tradeIn international trade, most of the business is transacted on the basis of written orders and well-drafted contracts. Notwithstanding the clarity of the detailed clauses, occurrence of disputes cannot be totally ruled out. Contract should have a clear clause for the mechanism for settlement of disputes. Referring the matters to arbitration is the most acceptable solution as it is least expensive, with minimum strained relationship. Above all, both the parties have faith in him. Venue of the arbitrator and applicability of the law are very important issues as both the exporter and importer may insist their own country and law for arbitration. Arbitration clause should be comprehensive enough dealing with these issues in the contract.

 

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