Saudi General Authority for Ports “Mawani” signed a memorandum of understanding with the Saudi Center for Commercial Arbitration aimed at launching strategic and executive cooperation between the two parties.
The purpose of this memorandum is to give an alternate means of resolving disputes that emerge between the numerous parties to the contractual relationship in marine and port transportation activities.
The Saudi Ports Authority and the Saudi Center for Commercial Arbitration signed the pact to stay up with the Kingdom’s progress in the maritime transport industry and import and export services.
The two sides want to make it easier for parties like marine brokers, shipping lines, importers, and their representatives to resolve conflicts.
According to “SPA,” in a way that fulfills both parties’ interests and aims and efficiently achieves their goals.
The MoU included cooperation in extending the Model Dispute Resolution Clause’s presence and improving the quality of its formulation in the maritime transport sector and its facilities.