Initiative to resolve commercial rows
Kathmandu, May 16:
Federation of Nepalese Chambers of Commerce and Industry (FNCCI) and ARD Inc Rule of Law Project, USAID/Nepal signed a memorandum of understanding (MoU) to establish a Commercial Mediation Centre (CMC) to resolve commercial disputes at a function held at FNCCI secretariat today.
According to a press statement issued by FNCCI today, an MoU was signed by director general Badri Prasad Ojha on behalf of FNCCI and Frederick G Yeager, chief on behalf of the project.
A decision has been taken in a bid to resolve commercial disputes as court cases take a long time to be finalised, said the press statement. It will help the business sector to get disputed cases resolved through mediation, believed FNCCI.
Due to a delay and utilisation of huge resources in deciding commercial cases through
courts, the new initiation would be productive, hoped business sector people.
FNCCI will act as a service provider for a period of two years and the project would provide administrative support and consultancy services for a period of 13 months on commercial issues, as per the agreement.
The project will also work for training arbitrators in commercial sectors and professional development of businesspersons.