TradeSafe provides the ability for the parties to enter a dispute process if a dispute cannot be resolved.
We ascribe to the rules of the Association of Arbitrators (Southern Africa) which provide for an Arbitrator to make a quick and binding decision based on the documents and facts of the case. The costs of a dispute are R2 500 per party per R100 000 of the value of the transaction, which must be deposited into the audited TradeSafe Trust (Pty) Ltd account by both parties involved in the dispute before adjudication can begin. The Adjudicator’s decision is final and binding on both parties. For more information on the 2013 Standard Procedure Rules of the Association of Arbitrators, please click here.
TradeSafe will safeguard the funds that have been paid to it while the dispute is being finalised. The successful party to the dispute will be reimbursed with R2 500. We will only release the funds involved in the transaction once we have received a written agreement from both parties as to the decision from the arbitrator, or once we have received a written ruling from a court of law.
Please note that we estimate that the arbitration process will take approximately seven working days but could be longer if the dispute is more complex and requires external specialist consultation.