SAROD-Ports: Dispute Resolution Mechanism launched
Part of: GS Prelims and GS-III – Ease of Doing Business
- ‘SAROD-Ports’ (Society for Affordable Redressal of Disputes – Ports) through virtual ceremony in New Delhi was recently launched.
- Launched by: The Union Ministry of Shipping
- Established under: Societies Registration Act, 1860.
- ‘SAROD-Ports’ is similar to provision available in Highway Sector in the form of SAROD-Roads constituted by National Highways Authority of India (NHAI).
- Composition: Members from Indian Ports Association (IPA) and Indian Private Ports and Terminals Association (IPTTA).
- Functions: (1) SAROD-Ports will advise and assist in settlement of disputes through arbitrations in the maritime sector.
- Benefits: (1) SAROD-Ports will become the pivotal mechanism of ummeed (hope), vishwas (trust) and nyaya (justice) in the Port sector of India; (2) It will lead to saving huge amounts of legal expenditure and time; (3) Enforcement of concession agreements in the letter and spirit.
Do you know?
- A concession agreement is a contract that gives a company the right to operate a specific business within a government’s jurisdiction or on another firm’s property, subject to particular terms.
- It will promote ease of doing business in the maritime sector because of the fast, timely, cost effective and robust dispute resolution mechanism.
- It will inspire confidence in the private players.