Can Online Dispute Resolution Change the Way Global MSMEs Do Business?
While alternative dispute resolution has exploded in popularity for larger businesses, it hasn’t found its way to the MSME community. As a friend in the arbitration business said recently, “micro businesses couldn’t afford the coffee at most arbitration centers.” But the emerging field of online dispute resolution, or ODR, promises to change the landscape. Technology and a little creative legal thinking can reduce the cost of dispute resolution from $1,000 an hour to $1,000 a case. Or even $100 a case. ODR, accordingly, has tremendous potential to spur growth in developing countries.