Part of: GS Prelims and GS-III – Ease of Doing Business
In news
‘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
Key takeaways
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.
