According to an official announcement – Memorandum of Understanding (MoU) has been signed between the Institute of Chartered Accountants of Pakistan (ICAP) and the Karachi Center for Dispute Resolution (KCDR).
An announcement on Tuesday said that the MoU was inked by the President ICAP, Rashid Rahman Mir, and President of KCDR, Justice (Retd) Sadiuzzaman Siddiqui.
The Director of KCDR Justice (Retd) Dr. Zafar Ahmed Khan Sherwani, Khalid Rahman, Vice President South ICAP and Shoaib Ahmed, Secretary ICAP were also present on the occasion.
It was pointed out that through this MoU, the ICAP Members including practicing members will be able resolve their disputes though ADR and mediation and both ICAP and KCDR will cooperate with each other to actively promote and demonstrably improve dispute settlement process.
Earlier, the Council of the Institute constituted the task force in 2010 under the Chairmanship of Adnan Zaman with a mandate to introduce ADR framework.
What is Karachi Center for Dispute Resolution?
Karachi Centre for Dispute Resolution (KCDR) started operations in Karachi, in February 2007. The Centre, first of its kind in Pakistan, follows international standard rules and code of ethics governing mediation proceedings.
The Karachi Centre for Dispute Resolution is offering Mediation as an institutionalized alternative dispute resolution (ADR) mechanism. This option is available to the parties whose Commercial cases are either pending before any court/ judicial forum, or who have not yet filed a case in the Court.
KCDR has been established with the assistance and support of the High Court of Sindh and the International Finance Corporation/World Bank Group. It is registered as a Not-for-Profit Society under the Societies Registration Act of Pakistan.
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