MEDIA RELEASE: Resolving construction disputes in a fair, cost effective and radical way
In January of this year the Australian construction industry was generating over $360 billion in revenue, producing around 9% of Australia's Gross Domestic Product, and has a projected annual growth rate of 2.4% in the next five years. Given the size and complexity of the industry disputes are common and are costing billions of dollars every year.
Resolution Institute chair Russell Thirgood will tomorrow urge the construction industry to consider avoiding disputes completely or radically change the way they are currently resolved. He will provide valuable advice gained from decades in the construction and dispute resolution industries both in Australia and overseas.
“As an industry, we really need to shift our focus to better ways to avoid, manage and resolve disputes in an efficient, fair, and business-like manner. I look forward to sharing some of the knowledge that we’ve built up over decades with the industry,” said Mr. Thirgood.
There are a number of options available in relation to ADR processes for resolving construction disputes. These include mediation, adjudication, arbitration, expert determination, and court proceedings. Often a construction contract will specify one or more of these methods.
“Often, the most important aspect of private dispute resolution of any kind is that it is confidential. No construction business should enter into contracts and fail to give thought to sensible private processes for dispute resolution,” he said.
Resolution Institute has a large and diverse pool of over 3,000 professionals including senior lawyers, engineers, architects, accountants, quantity surveyors and other construction professionals.
“Our professional selection process focuses on a number of aspects including applicable expertise, availability, price point, location, preferences of parties, independence and impartiality, past performance of practitioner, quality control, accreditations and grading,” he said.
Dispute Resolution is fast becoming the preferred method of solving disputes for businesses in Australia. Faster, more cost effective, and less adversarial than other dispute resolution approaches such as through the courts for example, Dispute Resolution works because it relies on integrity, trust, and connectivity.
Resolution Institute Chair Russell Thirgood will address the Sydney Build 2022 Expo on Wednesday June 1 at the International Convention Centre. Details about the Expo can be found here.