LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) Mediation Centre, on Tuesday successfully resolved a longstanding dispute over $13,000 between two leading business houses within a month.
The LCCI Mediation Centre is backed by International Finance Corporation, a private arm of the World Bank, and has accredited mediators duly trained by intermediaries working with IFC.
Both business parties expressed their satisfaction with the performance and over the expertise of the LCCI’s mediators and signed an agreement for a payment schedule of the outstanding amount.
The Mediation Centre has so far received a large number of business disputes that are fast heading towards an amicable solution while it had already resolved one case involving foreign buyers.
LCCI President Farooq Iftikhar appreciated the Mediation Centre Convener Sohail Lashari for his apt handling of a business dispute that could linger on for years if disputing parties had adopted routine legal procedures.
Iftikhar said that the Mediation Centre has been established to help private sector companies to resolve disputes quickly and easily since court cases are often expensive and take a long time.
He said that businesses are often hindered by long and costly court procedures and the LCCI Mediation Centre was helping them resolve disputes amicably, allowing them to devote more resources to growing and creating jobs.