Companies urged to consider ten points when potential commercial disputes occur
JOHANNESBURG (miningweekly.com) – With a rising number of commercial disputes in the mining and natural resources sectors, it is important that companies be aware of the legal issues relating to such disputes.
Speaking at a seminar, in Johannesburg, on Tuesday, international law firm Hogan Lovells partner Kieron O’Callaghan and counsel Nathan Searle outlined what they considered to be the ten most important issues for parties to consider when the potential for a commercial dispute emerged.
These included limitation periods, the obligation to preserve relevant documents and considerations on how to strengthen and protect legal privilege in documents and communications.
“It is crucial to identify possible rights and remedies in the contract, common law and statutes, including applicable laws and dispute resolution provisions,” noted Searle.
He added that it was important that parties preserved their rights and avoided unintentionally waiving those rights.
O’Callaghan pointed out that companies should consider reporting obligations internally, as well as to external bodies, such as insurers and regulators.
He further noted that public, customer and investor relations should be effectively managed if public disclosure was required on a commercial dispute and that a strategy for communicating with any counterparties (any legal entity, or collection of entities to which an exposure to financial risk might exist) be adopted quickly.
The pair in conclusion rounded off their top ten matters to consider in potential commercial disputes by highlighting that companies should also consider various settlement options and strategies for mitigating losses.
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