Oon & Bazul LLP Updates on Mediation and the New Normal in a Covid-19 Pandemic Landscape

MEDIATION

Mediation is fast becoming the preferred forum to settle business disputes. Given the current economic slowdown, companies and institutions can ill afford to adopt the outdated mindset that proposing mediation is a sign of weakness. It isn’t.

When cashflow is critical, businesses need their disputes to be resolved in a quick, cheap, and effective manner – mediation meets all these requisites. Mediation is essentially the most suitable dispute resolution process, in and outside of Singapore.

Mediation, unlike other dispute resolution processes, is far more likely to preserve the commercial relationship between disputing parties – resulting in a more than likely favourable outcome for all entities concerned; thus preserving both commercial interests and business longevity.

COVID-19 and THE NEW NORMAL

The ground is shifting in the way we live our lives and conduct business. COVID-19 has had an exceptional and unprecedented economic and social impact on Singapore, and the rest of the world. Individuals and businesses are struggling to stave off far-reaching repercussions of the pandemic as Singapore and the rest of the world navigate their way in uncharted territory. There is a new normal in supply chain disruption – leading to many companies unable to fulfil contractual obligations. In the realm of security enforcement and insolvency, borrowers and banks are straddling their understanding of what sort of protection both parties are privy to.

The government of Singapore has been swift in its reaction to providing temporary relief packages to financially distressed individuals and firms. The overarching intent is to safeguard Singapore’s economy and ultimately, develop a national framework of stability in order to facilitate a quicker recovery. This process is still ongoing

In the current ecosystem of an extended presence of COVID-19, Oon & Bazul’s slate of clients are seeking assistance and counsel in ensuring there is sustainability and business continuity. Agility and adaptability are the buzzwords in the new normal and Oon & Bazul is all about embracing transformation as the firm stands at the precipice of another technological frontier. With the speed at which entrepreneurship, technology and innovation integrate and break new ground and are often faster than developments in the law, Oon & Bazul helps companies better adapt to the current challenges as a result of the pandemic, and ensuing lockdown and mobility restrictions.

In a digital world, the issue of confidentiality and internet security looms large; and Oon & Bazul is the trusted expert in assisting individuals and operating entities circumvent these issues with effective protocols in place. With borders closed, and in a vastly interconnected economy, the challenge of how parties can continue to sign-off on contracts with one another in a world without physical contact is now a major area of concern. The answer may very well lie in the use of electronic contracts and electronic signatures – but note that several legal and practical issues must be contemplated such as the issue of authentication and security, as well as maintaining data protection compliance.

In these turbulent times, Oon & Bazul’s mandate is to protect the livelihoods of individuals and businesses. Leadership is key and Oon & Bazul provides the sort of top-line service to its band of domestic and international clients. Risk management is also another primary concern in these trying times. Oon & Bazul has proven case studies of onboarding companies implementing full-proof risk management measures.