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Dispute system 'critical' for our competitiveness

"DEVELOPING an Alternative Dispute Resolution (ADR) system to tackle commercial conflicts is "critical" to the Bahamas' competitiveness as an international business centre, a leading attorney warning that it was almost impossible for the courts to "keep up" with the volume of cases being filed...The survey, published by the International Finance Corporation (IFC), an arm of the World Bank, ranked the Bahamas a relatively poor 123rd out of 183 nations when it came to the ease of enforcing commercial contracts in this nation.

Using as its benchmark the time, cost and number of procedures involved in resolving a hypothetical 'breach of sales contract' dispute concerning two Bahamas-based entities, the IFC said report aimed to measure the judicial system's efficiency.

"Enforcing a contract requires 49 procedures, takes 427 days and costs 28.9 per cent of the value of the claim," the IFC/World Bank report said. While this nation placed well ahead of St Lucia, Grenada and Dominica, it was behind regional competitors such as Antigua and Barbuda and St Vincent, which placed 70th and 101st respectively." 

Web-link: http://www.tribune242.com/business/10242011_Dispute_business_Page1-5
Source: The Tribune
Language: English
Contact: Neil Hartnell