LCCI for resolving business disputes through dialogue

President of the Lahore Chamber of Commerce & Industry Malik Tahir Javaid has said that mediation; arbitration and conciliation should be opted to resolve disputes as these tools are most effective forms of alternate dispute resolution.
He was speaking at a seminar on "Alternate Dispute Resolution" jointly organized by the Lahore Chamber of Commerce & Industry, Workers Employers Bilateral Council of Pakistan (WEBCOP) and American Solidarity Centre here at the Lahore Chamber on Saturday. Vice Chairman WEBCOP Ch. Naseem Iqbal, Syed Nazar Hussain, Muhammad Yaqoob, Engineer Sohail Lashari and other experts also spoke on the occasion.
The LCCI President said that in developed countries, mediation, arbitration and conciliation are preferred to expedite the mediation and litigation is avoided to the maximum. He said that the conventional way of litigation is not always favourable as it is time consuming, many a times not equitable, and may cause permanent damage to business relations. He said that arbitration and conciliation saves precious time and money of the business doing people through out-of-court settlement of business dispute through mediation therefore the businessmen should avail this tool to give boost to their businesses.
"Pakistani businessmen are facing hurdles in their businesses and one of the leading factors is the trade disputes arising between them and their counterparts. Commercial disputes that end in courts of law are always costly and usually bitter," he said.
Malik Tahir Javaid said it is encouraging to know that in Pakistan, some serious efforts are being made to create awareness about alternate dispute resolution. He informed the participants of the seminar that last year, Lahore High Court signed a Memorandum of Understanding with Lahore Chamber. One of the focus areas of that MoU was to jointly promote alternate dispute resolution.
The LCCI President said that when trade relations develop, there are possibilities that trade disputes may arise. He said that the fundamental purpose of introducing alternate dispute resolution mechanisms by the LCCI was to help local and foreign companies avoid litigation constraints.
"We are glad to join hands with WEBCOP which aims at promoting bilateral cooperation, trust and confidence among workers and employers. We believe that better understanding among the different stakeholders is of key importance to accelerate industrial development and socio-economic growth in Pakistan," he added.
LCCI President apprised the participants that LCCI had established a Mediation Centre in August 2012 with an active collaboration of IFC. There are more than 40 accredited mediators registered with LCCI who can help the local, national and international businessmen for out of the court settlement.