India is set to become the third largest construction market globally by 2022, with a requirement of investment worth INR 50 trillion (USD 777.73 bn) to have sustainable development in the country.
Similarly, the construction industry in India is feeble and suffering through failure of resolution of disputes expeditiously and effectively by the parties. The recovery of the construction industry is critical for maintaining the current rate of growth and economic activity. The average
duration for settlement of disputes is more than 7 years in India.
The total amount of investment that is currently tied up in disputes is approximately INR 75,000 crores. The major issue is pendency of construction disputes, which is about 68% of the total claims against government entities and public-sector units are pending in arbitration and 13% are pending with the government entities.
Followed by the huge success of our last edition, the 2nd Annual Construction Claims & Dispute Management Summit captures the need to recognize the significance of understanding legal and contractual framework applicable in India and how the dispute resolution mechanism will work whenever a claim or dispute is to be settled. Domestic & international trends discussed by stakeholders like employers, contract managers, consultants and legal working with various contract models.
The focus of the summit is to build an approach towards minimizing the impact, intensity and occurrence of claims and implementing techniques and best practices for effective dispute resolution.
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