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As a business owner, you may find that your business falls into a commercial dispute with another company at some point. If so, it is in your business’s interest to resolve this as amicably as possible. A common way is through alternative dispute resolution (ADR). When you use a dispute resolution process, such as mediation or commercial arbitration, the commercial parties need physical space or the means to conduct virtual hearings to carry out the process. However, your business may not have these on your premises. This article will, therefore, explain what the International Dispute Resolution Centre for commercial disputes in the UK is.
What is Alternative Dispute Resolution?
Alternative dispute resolution (ADR) is an alternative way to resolve a commercial dispute rather than taking court action. Court litigation should always be the last resort in any legal dispute, and sometimes, a commercial court may tell you to carry out ADR before commercial litigation.
ADR is usually speedier and cheaper than court proceedings. Also, like court proceedings, it is confidential, which can benefit you and the other party. When you engage with ADR, you appoint a third party independent of the commercial dispute. This means they are neutral and have no interest in the commercial dispute.
ADR is not limited to commercial disputes, as it can be used for other disputes, such as family law. There are different forms of ADR you can use, and these include:
- arbitration;
- mediation; and
- adjudication.
Mediation is the most common form of ADR to resolve commercial disputes out of court. It is a flexible and voluntary process in which you and the other party appoint a mediator. This impartial third party facilitates your both reaching an agreement. However, they do not make the agreement for you.
This guide outlines how to resolve commercial disputes.
Arbitration, on the other hand, is where an expert in the dispute, the arbitrator, listens to the evidence and decides an arbitral award. There may be a panel of arbitrators during arbitration proceedings rather than just one.
Adjudication is a relatively speedy form of ADR, which takes around 28 days. It is often used for construction commercial disputes, and the adjudicator is usually a professional in the area of dispute. There is a referral, notice and response process to the adjudication process.
What is the International Dispute Resolution Centre for Commercial Disputes?
The International Dispute Resolution Centre (IDRC) for commercial disputes is a building in central London that provides facilities for alternative dispute resolution (ADR). Established in 2000, it has a reputation as one of the leading global facilities for ADR and, specifically, arbitration. The centre also provides facilities for:
- meetings;
- training course;
- seminars; and
- public Inquiries.
The International Dispute Resolution Centre includes the latest equipment and small and large meeting rooms to suit different ADR proceedings. If you choose to carry out your ADR virtually, they have a Virtual Hearing Team which can assist you throughout the proceedings.
Renowned industry bodies for commercial disputes support the International Dispute Resolution Centre for commercial disputes. For example:
- the London Court of International Arbitration (LCIA);
- the Chartered Institute of Arbitrators; and
- the London Maritime Arbitrators Association.
The Centre also has shareholders’ support, including the Corporation of the City of London and the LCIA.
Why Use the International Dispute Resolution Centre for Your Commercial Dispute?
You can use the International Dispute Resolution Centre for your commercial dispute when you choose ADR as a potential way to resolve it. Your business may choose ADR because, for example, you have traded secrets you wish to keep confidential. Another reason why you may select ADR for your commercial dispute is because you want to continue working with the other party after the relation to the dispute.
Using the International Dispute Resolution Centre for your commercial dispute can be particularly useful if you are a small business with a commercial dispute. You may not have offices with the facilities required for ADR. For example, if you choose mediation, it often requires three or four meeting rooms, such as a central room and one for each party.
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Key Takeaways
If you fall into a commercial dispute with another business, you may choose an alternative dispute resolution (ADR) method to try to resolve it. ADR is a way to resolve disputes outside the courtroom, so it is a confidential process. It is often speedier and cheaper than court litigation. ADR methods include, for example, mediation, arbitration and adjudication. You may choose ADR as a potential way to resolve your commercial dispute for various reasons. For example, it is a quicker and cheaper method and keeps the process confidential.
If you choose ADR to resolve your commercial dispute, you may need a place to carry out the procedure. The International Dispute Resolution Centre offers this. It is a globally renowned centre in London that can offer rooms for meetings and hearings and facilities for virtual ADR proceedings. You may find them helpful if, for example, you are a small business needing space for your ADR procedures.
If you need help understanding what the International Dispute Resolution Centre for commercial disputes is in the UK, LegalVision’s experienced disputes and litigation solicitors can assist as part of our LegalVision membership. For a low monthly fee, you will have unlimited access to lawyers to answer your questions and draft and review your documents. So call us today on 0808 196 8584 or visit our membership page.
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