LAHORE:An international trade dispute involving around $140,000, has been resolved by the Alternate Dispute Resolution Centre (ADRC) of Lahore Chamber of Commerce and Industry (LCCI).
The ADRC team comprised LCCI Executive Committee members Sheikh Muhammad Ibrahim, Waseem Yousaf, Riazul Hassan and Legal Advisor Sheikh Khurram Abbas. It was the second tremendous success of ADRC, LCCI within one month of its creation.
Sharing his views with media on the subject here on Tuesday, LCCI President Kashif Anwar said that Lahore Chamber had established Alternate Dispute Resolution Centre for out-of-court settlement of business disputes.
He said that the Centre had the services of an experienced mediator and it would be more effective in the days to come. He said, “ADRC is a feather in the cap of LCCI that would help resolve disputes at early stages.”
The LCCI President said the chamber was not only putting its best efforts in trust-building between the government and the private sector, but also supplementing state efforts aimed at economic revival of the country.
Kashif Anwar said that the Centre was established with the objective of resolving the business and commercial disputes out of court for both local and foreign companies.
He said that this way, companies were better able to maintain a healthy relationship amongst themselves. Additionally, there was lesser burden on the country’s legal system. Furthermore, businesses tended to prefer out-of-court mediation because judicial decisions took a lot of time, he added.
The LCCI President lauded the efforts of the ADRC team for resolving the disputes successfully.
He vowed that Lahore Chamber would continue to play its best role for improving the business environment.