Industry & Economy
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Real Estate & Construction
CIDC plans dispute resolution centre for construction firms
Our Bureau
New Delhi
,
Sept. 24
IN a bid to help Indian construction companies unlock the money tied up in disputes, the Singapore International Arbitration Centre and the Construction Industry Development Council in India (CIDC) would sign a memorandum of understanding on September 25 to establish a SIAC-CIDC Dispute Resolution Centre.
The centre in New Delhi would facilitate the resolution of construction related disputes arising in India.
Working with CIDC, SIAC would lend its experience to institute a system of case administration, as also expertise in areas such as developing a set of rules specific for construction industry in India; developing a training and accreditation programme for the appointment of arbitrators to the panel in the centre; and developing a training programme for mediation.
Indian construction industry is currently valued at $60 billion and has been growing at a rate of 10 per cent annually for the last eight years.
A CIDC survey conducted in January 2000 records that construction companies had close to $12 billion of this amount tied up in disputes.
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