The International Court of ARBITRATION
In the bustling city of Kolkata, a dispute arose between a leading exporter, importer, and manufacturer of bicycles and tube valves, referred to as the claimant, and a cycle store owner, referred to as the respondent. The claimant, based in Kolkata, West Bengal, had supplied goods worth Rs. 2,04,860/- to the respondent. However, the respondent failed to make the payment for the delivered goods, resulting in a financial dispute.
Unable to resolve the matter through direct dealings, both parties decided to seek the assistance of PrivateCourt, with the hope of finding an equitable resolution to mediate the conflict and bring about a fair settlement.
The dispute between the Claimant and the Respondent revolves around the non-payment of a substantial amount by the Respondent to the Claimant. The Claimant, a leading exporter, importer, and manufacturer of bicycles and tube valves, had entered into a business agreement with the Respondent, a cycle store owner from Kolkata.
According to the agreement, the claimant supplied goods worth Rs. 2,04,860/- to the Respondent. However, despite receiving the goods, the Respondent failed to fulfill their payment obligation. This non-payment caused significant financial strain on the Claimant's business, prompting them to seek legal intervention.
The Claimant contends that the Respondent's failure to make the payment is a clear breach of the contractual agreement. They demand the immediate settlement of the outstanding amount, which they believe is rightfully owed to them. On the other hand, the Respondent disputes the Claimant's allegations and asserts that there are inconsistencies in the quality and quantity of the goods received. They argue that the non-payment is a result of the Claimant's failure to deliver as per the agreed terms.
Upon the submission of the dispute to PrivateCourt, the competent team promptly initiated the proceedings. The Claimant's case was thoroughly reviewed, and a notice was sent to the Respondent, informing them about the dispute and the subsequent conciliation process. The notice also outlined the obligations and expectations of both parties during the proceedings.
PrivateCourt requested relevant documents from both parties to assess the validity of their claims. These documents were carefully vetted to ensure their authenticity and relevance to the case.
The Conciliator, a learned professional appointed by PrivateCourt, scheduled a conciliation session via Zoom and audio calls conference as per the Notice of Conciliation.
However, before the conciliation session took place, the Respondent engaged in a discussion with PrivateCourt's team. They expressed their intention to settle the matter by paying the entire disputed amount. This willingness to resolve the issues amicably was seen as a positive step toward finding a mutually agreeable solution.
In light of the Respondent's decision to settle the dispute, a settlement agreement was drafted by PrivateCourt. The agreement stipulated that the Respondent would pay the Claimant the settled amount of Rs. 2,04,860/- on or before 28th February 2023.
Both parties agreed to abide by this settlement and considered it a final resolution to the dispute.
Furthermore, the settlement agreement stated that in the event of any future claims or disputes arising between the parties regarding the settlement agreement, they would be resolved through e-arbitration in accordance with the rules and procedures of PrivateCourt. This provision ensured a mechanism for resolving any potential conflicts that may arise from the settlement agreement itself.
This case highlights the importance of alternative dispute resolution platforms, such as PrivateCourt, in resolving commercial disputes efficiently and amicably. By providing a platform for conciliation and settlement, PrivateCourt facilitated a mutually beneficial outcome for both parties involved in the dispute.
