What are the alternative options for settling disagreements about oil and gas investments?
Jorge Morales Pedraza
Arbitration: A formal process where a neutral third party, known as an arbitrator, makes a binding decision on the dispute. Arbitration is often faster and more flexible than litigation. Mediation: A voluntary process where a neutral mediator helps the parties reach a mutually acceptable resolution. Mediation is non-binding and focuses on finding a compromise. Conciliation: Similar to mediation, the conciliator may be more active in proposing solutions and guiding the parties toward a settlement. Negotiation: This method involves direct discussions between the parties involved to settle without the involvement of third parties. It is informal and allows for creative solutions. Expert Determination: An independent expert in the relevant field is appointed to determine specific technical issues. This method is particularly useful for disputes involving complex technical matters. Dispute Review Boards (DRBs): A panel of experts that provides non-binding recommendations or decisions on disputes arising during project implementation.
There are several viable alternatives to litigation for resolving petroleum investment disputes. These methods are often preferred due to their efficiency, cost-effectiveness, and ability to preserve business relationships. Here are some common alternatives:
These alternatives can provide more efficient and amicable resolutions compared to traditional litigation.
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