There are two separate IBIA schemes for resolving disputes:
- Determinative Dispute Resolution – Arbitration, where a decision is made by the arbitrator on behalf of the parties; a conclusive result is an inevitable consequence of the process.
- Consensual Dispute Resolution – Mediation, where the mediator guides and facilitates the parties towards a settlement agreement; a conclusive result is not inevitable but 70-80% of all commercial mediations lead to a binding settlement.
Both schemes are available as a means of resolving relatively straightforward bunker disputes quickly where no more than US$100,000 is in issue but this upper limit may be waived by agreement. All proceedings are private and confidential other than may be necessary for enforcing an award or agreement.