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SINGAPORE : More companies are settling their disputes using mediation.
The Singapore Mediation Centre (SMC) said it has handled over 1,300 civil disputes since it was formed 10 years ago. And its success rate is consistently at 75 per cent.
More impressively, 90 per cent of these cases were settled within a day.
And building on its success, the Centre is now collaborating with mediation centres in Hong Kong, Indonesia, Malaysia and Philippines to form the Asian Mediation Association.
On Friday, it signed a memorandum of understanding that will provide a regional infrastructure to resolve disputes amongst businesses operating in the region.
Loong Seng Onn, Executive Director, Singapore Mediation Centre, said: "We feel that mediation has advanced far enough in our own respective jurisdictions for the mediation centres in all these different jurisdictions to come together. Because if it was a few years ago, it may have been too early, so I think the time now is right.
"And now, with increasing trade, for instance, especially cross border trade, a natural by-product of more cross border trade would be disputes. In anticipation of these increasing disputes, I think it's good for these various regional mediation centres to work together." - CNA/ch
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