Claims management can potentially reduce commercial disputes by up to 30%: Experts of Euler Hermes Middle East and SCHLÜTER GRAF Legal Consultants
Euler Hermes, the world’s leading provider of credit insurance and other related financial services, and Dubai-based legal consultants SCHLÜTER GRAF, held here on Thursday a one-day conference “Claims Management & Dispute Resolution in the United Arab Emirates (UAE)”.
In his speech, Jean Claus, CEO, Euler Hermes (Middle East), said: “At least 83% of companies in the UAE have experienced at least one overdue in the last 12 months.” In addition, “53% of companies have seen at least one bad debt over the last three years, while 25% of insolvencies are caused by late payment or customer default,” said Claus.
Based on this data, the CEO of Euler Hermes (Middle East) urged companies “to implement reliable processes in dispute resolution and claims management as these are key to secure the company cash-flows, maintain positive commercial relationships which will ultimately protect the long-term sustainability of the operations.”
Andrés Ring, Partner, SCHLÜTER GRAF Legal Consultants, explained: “Active claims management is crucial and should be at the core of business strategies in order to avoid disputes and payment delays. From our experience, a comprehensive claims management structure can reduce commercial disputes by up to 30 %.”
Ring pointed out that when it comes to dispute resolution, the UAE offers a robust legal framework and is constantly expending efforts into modernizing its legislation on civil and criminal procedures. “Preparing for a commercial dispute should start with having a sound strategy in place. This is especially important due to international and cross-border considerations related to the UAE’s position as an international trade hub as well as considering differing regulations and procedures in each of the UAE’s seven Emirates and the various free zones,” said Ring.
At the well-attended conference day, representatives of foreign and local blue-chip firms and SMEs discussed their experience in UAE. The event included a lively panel discussion focusing on claims management in the all UAE emirates.
Dispute Resolution and Claims Management, Dispute Resolution, Claims Management, UAE, Euler Hermes, Jean Claus, Andrés Ring, SCHLÜTER GRAF Legal Consultants