Fast Track Is The New Black: New IAMA Rules To Revive Arbitration

Dispute resolution provisions are often left the "Old Maid" of contractual terms. Busy people, intent on closing the deal, frequently don't pay them much regard. However, should things not go quite to plan, they can become the centre of attention. It is important to get it right at the outset as the mode of dispute resolution prescribed can have immense consequences in terms of time, cost and strategy.

Most commercial contracts require high level discussion and mediation before matters can escalate. After that, the contract is either silent or sets out compulsory provisions for an arbitration or expert determination. Expert determination is appropriate for the resolution of narrow technical issues. It does not respond particularly well to disputes that involve interpretation of the contract, quantification of loss or those involving set-offs of cross-claims.