Chartered Accountants Australia and New Zealand (CAANZ) has warned the public about the termination of its contract dispute resolution service, which may not be widely known.
The service, previously known as President Nominations, was ceased in 2015.
CAANZ issued the warning after discovering that some contracts still contain dispute resolution clauses that require the CAANZ president to appoint an independent expert when parties cannot agree on an independent expert to resolve disputes and/or provide valuation services. Commercial contracts with this provision could have unenforceable dispute clauses if they are not amended.
“We recommend you review any contracts to see whether this issue may arise and seek appropriate advice on your options,” said CAANZ in an announcement.
CAANZ recommends checking with the local law societies if they offer guidance or recommendations. It also said that the Australian Disputes Centre, the New Zealand Dispute Resolution Centre, and The Resolution Institute offer this service. CAANZ’s site also has the Find a CA tool, which can point people to certain CAANZ members who are specialists in the field.
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