AECCI Highlights Importance Of Arbitration For The Exporters’ Fraternity
Legal Wing of AECCI gets introduced
AECCI (Asian Exporters’ Chamber of Commerce & Industry) a recently formed, not-for-profit social organization recently concluded a successful session on creating awareness about arbitration amongst the exporters & the lawyers’ community.
Chamber in its role to offer rightful information and strengthen the exporters of Navi Mumbai has designed unique activities towards export documentation and procedures. Arbitration is one of the key subjects to be addressed and is a fast way to get a decision when you are in a dispute. Under this, two sides present their sides and evidence to an arbitrator. The arbitrator decides who wins and who loses. An arbitrator does the job that a judge or jury would normally do in court.
Speaking on the occasion Hon. Chairman Zaheer J Bukhari said, “Arbitration is a form of alternative dispute resolution (ADR) and is a technique of settlement of a dispute outside the court of law. Due to lack of awareness most of the exporters tend to miss, adding of an International arbitration clause in their financial agreements or while signing off big orders. With this in place, exporters shall be reassured of taking on bigger risks, by not apprehending on the perceived losses and can accelerate economy.”
The rapidly changing arbitration environment in India is making the role & involvement of law firms and domain experts increasingly important. AECCI’s session on arbitration was highly appreciated by lawyers, legal advisors and exporters’ fraternity and also exchanged their experience and thoughts to take AECCI’s efforts at next level. AECCI has already taken several initiatives to assist and channelize the young and the budding entrepreneurs’ by mentoring on the exports knowledge and expertise and currently chamber is offering various social activities for the benefit of the exporters’ fraternity.
“As arbitration is not much famous in India, one of the priorities of AECCI is to educate the community. AECCI’s Legal Wing consists of Legal advisors and experts with right knowledge of handling disputes across different parts of the world. We are quite hopeful that it will be beneficial for the business community and will help in removing their hesitation for the use of Arbitration technique” said Mr. Dhiren H Prajapati, Vice Chairman AECCI.