Wednesday, April 17, 2024
HomemarketsAbu Dhabi finance hub launches 'ODR@ADGM' platform for online dispute settlement

Abu Dhabi finance hub launches 'ODR@ADGM' platform for online dispute settlement

Dubai: Abu Dhabi’s financial hub, ADGM, will now provide a platform for full dispute settlements done online. Those involved in the dispute – whether they be anywhere in the world – can use the ODR@ADGM portal launched by the ADGM Arbitration Centre.

Steps involved on the portal

The parties to the dispute will be guided through a series of questions that lead to the ‘tailoring of a settlement offer’ to the other party.

An invitation is then sent to the other party to join the platform and thus engage in the negotiation.

Once both are registered, the online negotiation commences, with ‘flexible deadlines’ available depending on needs and requirements.

If an offer is accepted, a template settlement agreement is available via the platform. Or, the contending parties can create an own settlement agreement with the assistance of their legal representatives.

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