Dispute Resolution Mechanisms in Commercial Contracts A Managerial perspective

Abstract

Dispute resolution is a critical component of commercial contracts, ensuring the resolution of conflicts that arise in business transactions. In this paper, we explore the significance of dispute resolution mechanisms within commercial contracts from a managerial perspective, addressing various methods such as negotiation, mediation, arbitration, and litigation. These mechanisms aim to prevent or resolve conflicts efficiently, saving time and costs for businesses. We analyze the advantages and disadvantages of different mechanisms, explore their relevance for managers, and identify key managerial strategies for selecting the best dispute resolution process.