IMPORTANCE OF ARBITRATION AND IT IS THE NEED OF TIME, TIME IS MONEY AND DELAY IS FATAL FOR BUSINESS

It is the need of time for Pakistan to legislate new policies and laws regarding meditation and arbitration to attract the foreign investors and businessman even to encourage and provide a fair, transparent and friendly mechanism for existing businessman and investors of Pakistan. That for economic growth and financial advancement of any country, reliable , effective rules, regulation, policies and laws are necessary and their importance are like back bone to flourish the economy but unfortunately Pakistan has not developed certain laws regarding meditation and alternate dispute resolution like other countries of world. Pakistan operating its arbitration dispute resolution under the procedure of an old act which is "The Arbitration Act 1940" and this law does not provide the fast procedure and remedy like other countries i.e. UAE, CHINA AND SUDIA ARABIA as these countries has developed its flourishing economy on the back bone of its dispute resolution system, however the act present in Pakistan provide a procedure and relief by including a clause of Arbitration by the businessmen and investors at the time execution and making their drafts, agreements, settlements and contracts etc. because by indulgence and adoption this arbitration clause in their agreements and contracts etc., they can avoid themselves by long, complicated and expansive court litigation. Arbitration act 1940 provides option to choose an impartial arbitrator by his own choice and mutual consent or by the direction of court, this procedure protects and safe the investment, finance, time.
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Видео IMPORTANCE OF ARBITRATION AND IT IS THE NEED OF TIME, TIME IS MONEY AND DELAY IS FATAL FOR BUSINESS канала Ahmad Usman Shakir