Dispute settlement or Dispute resolution is the process of resolving the disputes between the parties to a contract. The term dispute resolution is different from conflict resolution as the dispute resolution has ways to resolve guided by the dispute resolution techniques which helps in solving the disputes arose of the citizens, corporations as well as governments.
Dispute Settlement Agreements is a legal contract executed by and amongst the parties whether natural individuals, corporations or governments to solve a dispute in future if any arises. The Dispute Settlement Agreements can also become the part of the original agreement if any executed by the parties carrying business with each other or they may be executed separately depending upon the mutual understanding of the parties.
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Ways of Dispute Resolution
The first method of solving disputes is mediation which involves usually a voluntary arrangement whereby the parties appoint by a method agreed by the parties to listen to the arguments of each side a third party as a mediator to discuss the case with either separately or together and tries to help the parties to reach a settlement.
The mediator does not have any authority except assisting the parties in recognizing the strengths and the weaknesses of their arguments and to look forward for a solution on which they can agree, which is usually done through an agreement on common ground. Unlike the arbitration or conciliation there is no specific law that deals with mediation in India. Hence, unlike the other statutorily-recognized forms of non-binding alternative mechanism dispute resolution (being conciliation), confidentiality in the mediation process is not specifically provided for in any law in India.
Litigation is a process of proceeding the case further through the courts for an enforceable settlement. It is a lengthy procedure sometimes which involves a potential problem of how enforceable the order from a court of one country will be in a different country and also how much time it will take .The enforceability depends on a various number of factors. The decree or award of a judge is legally binding on the parties.
Arbitration is a process where a neutral third party is appointed as an Arbitrator for resolving the disputes; they are more like private judges also there can be one or more than one arbitrators involved. It is the most reliable way of solving a dispute between the parties. An agreement is formed already called an Arbitration Agreement which is a way of solving disputes if any arises in future. The Arbitration in India is governed by Arbitration and Conciliation Act, 1996.
Process of Drafting of Dispute Settlement Agreements
1. Placing request
As when we receives from you a request for drafting of a Dispute Settlement Agreement, our expert team will share a questionnaire to be filed by you for taking your request forward.
2. Drafting of Agreement
After receiving the said questionnaire and the information relevant for drafting of the agreement we will begin to draft the same and if in need we require any other information the same will be sought by us through a call. The drafting of the agreement might take 2-4 business days.
3. Sharing of Ist draft
Once the agreement is ready from our side we will share a draft of the same with you for final approval. If you find the same in order the final copy will be shared in a day and if corrections or additions are required then the same will be revised and verified by our team.
4. Sharing of Final Agreement
Our experts will do the needful and the same will be shared with you as final agreement
Drafting of Agreement
Though drafting of Dispute Settlement Agreements varies from cases to case also in India Arbitration is majorly used as a mode of solving disputes. Following are the points which are generally covered while drafting an Arbitration Agreement:-
Sample of Dispute Settlement Agreement
FAQs on Dispute Settlement Agreement
The term dispute resolution means solving a problem or hurdle arose between the parties to the agreement through ways to resolve guided by the dispute resolution techniques between the citizens, corporations as well as governments.
Yes, the Arbitration proceedings are guided by the Arbitration and Conciliation Act, 1996 and hence, the decision is binding on the parties.
As such there is no time, It will be guided by the clause mentioned in the Dispute Settlement Agreements for settling the dispute. Dispute Settlement Agreements are executed to reach parties to an amicable settlement.
The Dispute Settlement Agreements can also become the part of the original agreement if any executed by the parties carrying business with each other or they may be executed separately depending upon the mutual understanding of the parties. It depends on the type of organization or transaction undertaken, in case of complex structure it is advisable to create a separate Dispute Settlement Agreements.