One day seminar on fast tract dispute resolution for investment contracts and transactions at KP Judicial Academy on 23rd May 2017. More than 30 judges, lawyers, chambers of commerce, bar associations, representatives of the FATA political administration and private enterprise were participated in the seminar .
This seminar takes a two-pronged approach providing basic information on investment contracts and transaction with special emphasis on informal dispute resolution mechanism. The second part was the analysis and identification of specific issues and gaps in the current system with recommendatory mandate for the establishment of procedures and rules for the conduct of fast track dispute settlement between contracting parties in particular the agreement involving investments.
To earn wealth is natural phenomena of every person for his future necessity; side by side it should help the growth of country’s economy. However, perils exists in the world of investing, while some are preventable others may be not. When dealing with investment professionals, there is always the possibility that disagreements over the proper management of funds will arise. Whether intentional or unintentional, problems may need to be sorted out. Possible problems include decisions made by money managers with the authority to make transactions or simply the execution of a stock trade by a broker. Keep in mind, however, that your rights may be limited by the agreements that were signed initiating a relationship with the target of your complaint.
The most common methods of dispute resolution are mediation and arbitration. These techniques allow for speedy and fair conclusions without the often exorbitant expenses normally associated with court proceedings. Mediation involves the use of a facilitator to help two parties reach an agreement. Arbitration involves a more structured presentation of evidence and results in a binding and final decision made by an independent individual called an arbitrator.
The objectives of the seminar are to provide an overview of the dynamics of contract formation and identification of issues in the current formal system. An overview of the mechanism of ADR with special focus on the practices prevailing in Pakistan and KP. Recommendations for the establishment of procedures and rules for the conduct of fast track dispute settlement between contracting parties in particular the agreement involving investments.
The recommendations shall be presented to hon'able Chairman/KPJA in order to approve the SOP's for establishing a Dispute Resolution Centre (DRC) in KPJA to ensure fast track dispute resolution to be effective in KP.