Conflicts, Management and Dispute Flashcards
What due diligence do you undertake when accepting a new instruction?
Conflicts of Interest check
How do you report conflicts of interest
To partner in charge and on the conflicts of interest database
What would you do if you believe a conflict of interest has arisen?
Withdraw myself/stop acting -> disclose the conflict and submit to conflicts database and partner in charge
Board to make a decision on whether we can proceed. If yes, disclose to Client and receive approval to continue
Then have accounts restrict IT data/files
Tell me something about RICS Conflicts of Interest Professional Statement
RICS Conflicts of Interest, 2017 (professional Statement)
Every RICS member must:
- Identify and manage conflicts of interest in line with the professional statement
- Keep records of decisions made
What is the benefit of pro-active management and how can it settle disputes?
- Anticipates problems before they arise and takes steps to prevent issues before they happen
- Shows hard work and projects positive attitude to outsiders
What is mediation?
ADR form of bringing in a seperate impartial party to mediate and guide a decision which optimises the parties neeeds
-> Mediation encourages coming together and agreeing
what is conciliation?
- Similar to mediation but do not make decisions
- No authority to seek evidence or call witnesses
- SImply a messenger to shuttle dimplomacy
What is adjudication?
- UK statutory dispute resolution procedure
- Relatively quick process from submission or referral
- Binding until dispute determined by litigation or arbiatration
- Seen as simplified arbitration process
What is arbitration?
Form of ADR that resolves disputes outside of the Judiciary courts
What is litigation?
Process of taking a dispute to the court of law
Why is mediation beneficial over litigation
Mediation is flexible and althrough not legally binding, a final agreement can be enforced as contract
- Cheaper and quicker process
Name 3 formal forms of ADR
- Arbitration
- Litigation
- Adjudication
Name some different forms of ADR
- Mediation
- Conciliation
- Negotiation
Name some RICS approved ADR
- Centre for Effective Dispute Resolution (CEDR)
- Property Obudsman / Ombudsman service business to business
- RICS Dispute Resolution Scheme (DRS)
- Property Redress Scheme
- Arbitration
What is a complaints handling procedure and tell me about your firms procedure
CHP defines procedures on how complaints are handled
- if i cannot resolve a complaint through negotiation, i would refer them to my firms CHP which is a form to be filled out
- Within this form is the redress mechanism, contact details of group company secratary (investigator) and confirmation that receipt will be provided within 7 days nd outcome handled within 28 days
- Also ADR if dispute cannot be resolved
What forms of ADR does your firm use?
- Centre for Effective Dispute Resolution
- The Property Redress Scheme
What would you consider to select a form of dispute resolution?
- The cost in proprtion to the claim
- The timescales involved
- The impact on business relationships and reputation
Tell me about a complaint you have handled
I’ve never receieved a complaint
Tell me about a conflicts of interest check you have undertaken
Upon receiving a new instruction i checked our property databases and EFS to ascertain if we had previous involvement
- nothing held so reasonable to assume no conflict
- If there was, i would have discussed with partner and submitted onto the conflicts database for review by the board
What is the difference between arbitration and litigation?
Arbitrator is govered by Arbitration Act 1996 and matter is settled outside court
-> Cheaper and quicker than going to court
Litigation often seen as last resort
What RICS guidance is there on Conflicts of Interest?
RICS COnflicts of Interest, 2017, professional statement
How do you use RICS DIspute Resolution?
FIll out a form / submit DRS form
How much does the RICS dispute resolution cost?
£425 including VAT
Tell me about effective conflict avoidance?
- pro-active management
- Awareness
- Understand competance
- Ensure you adhere to 5 RICS rules of conduct
- Ensure service provided is/are high standard
What is an expert witness
Experts in subject field who provide reliable and unbiased opinon to the court
- Provide independent impartial evidence to the Tribunal
- Acting as expert witness overrides any contracual duty to your CLient
What is an advocate
Party representative
- Advocate must do for the Client all that the Client might properly do for themselves
- Presents to the Tribunal a Clients properly arguable case as best as possible
What is PACT
Professional Arbitration on Court Terms
RICS initiative
- Viable lternative to litigation used to settle disputes
- Professionals appointed are specialisits
- Legally binding
- Aims to increase flexibility, effectiveness and more cost-effective
What are the benefits to PACT / why was it set up?
- As a viable alternative to litigation
- More cost-effective
- More flexible
- Quicker process
- Expert decisions
What are the benefits to PACT / why was it set up?
- As a viable alternative to litigation
- More cost-effective
- More flexible
- Quicker process
- Expert decisions
