Mediation growing in importance as way to settle business disputes

[Choosing a better way to settle disputes]

The Straits Times today reported on the growing importance of mediation as a way to settle business disputes.

Even as Covid-19 continues to upend businesses around the world, more people are considering mediation as a time- and cost-effective means to resolve their differences.

In fact, 79% of participants polled during a recent webinar organised by the Singapore Business Federation and ICC Arbitration said they would consider mediation as "a better way of resolving disputes". Eunice Chua, executive director of Financial Industry Disputes Resolution Centre Ltd and one of the webinar's panellists, also highlighted the 70 - 80% success rate of mediation.

The article also mentions the SIMC Covid-19 Protocol, which provides a swift and effective way of resolving disputes. The Protocol, which focuses on international matters, is also designed to complement legislation on Covid-19. In Singapore, parties who enjoy relief under the Covid-19 (Temporary Measures) Act can mediate at any time - even after an assessor's determination. Since its launch three months ago, we have received more queries.

The article also cites a case SIMC CEO Chuan Wee Meng mediated with Harry Elias Partnership LLP Partner Francis Goh whereby parties started out antagonistic but ended in friendly conversation by the end of the day. 

Read the full story here.