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The International Cotton Association Limited is in the process of working out a new non-binding mediation process to expedite the disputes and ensure sanctity of contracts, its President Mohit D Shah said here on Tuesday.
“There is a possibility to introduce a non-binding mediation, whereby buyers and sellers will be able to sit and discuss to resolve the issue. Some sort of announcement can be expected soon,” he said, on the sidelines of a cotton conference organised by the Indian Cotton Federation in Coimbatore.
ICAL’s annual conference is slated at Dubai in the first week of October, and Shah is hopeful of making some announcement on the new mediation process during or just ahead of the conference.
Shah incidentally was among the three awardees (the others being Chairman of Kotak Commodities Suresh A Kotak and Bhadresh Mehta, Managing Director, Bhadresh Trading Corporation, Mumbai) to get the Federation’s Lifetime Achievement Award. Stating that the prime focus of the global arbitrary body is in ensuring contract sanctity, he said plenty of initiatives were being deliberated with a focus on sanctity of the contract.
On defaults, he said from a level of 272 defaults worldwide in 2010-11, it has fallen to 26 arbitrations between April. “Defaults are coming down,” he said.
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