Market Recoveries is a service used to recover the Debts from the market as well as outstanding of Employees. It can be a trade debt recovery, unpaid invoices or it can be an unpaid salary as well. Everything which is recovered outside the Court comes under Market Recovery. The process which is used to recover unpaid debts or amounts is called Debt Recovery, Collection Services, Debt Management or if it is in some particular emirate then can be referred/called with the name of Emirate e.g. Debt Recovery Dubai, Debt Collection Dubai, Debt Collection Abu Dhabi, Debt Recovery Sharjah etc. It has been observed and studies also confirm that Arbitration or Mediation mostly play a vital role. Complexed, OLD and Difficult matters can be resolved through Mediation Services. The mediator must be an effective man, having good communication skills and market knowledge. This process saves time, accomplishes the objectives, and beneficial for debtors as well as creditors.
For business debts many collection firms or law firms having such services or departments, working and creating the difference. It helps the economy to move smoothly and fix the debts which are big obstacles in the smooth operations of the market. Especially business loans and debts, who take a long time to be resolved, if goes to Court or Government Arbitration, can be recovered in the shortest period of time with maximum utility. Similarly, if there are an employment dispute and employee or sometimes employer as well, have to recover salaries, surplus amounts, profits, indemnity, unpaid bonuses etc, can recover easily and quickly with the support of a Law Firm, Lawyers, Debt Collectors or a Collection Agency. This is also a fact, that this methodology does not work always, but if we try to fix the financial disputes related to business or employment by starting from recovery or mediation services, then it might create the difference and bring the people in a good and friendly accord, where debtor and creditor both become happy. It is strongly recommended by experts to fix or resolve financial disputes through mediation first. The mediation policy is also helpful in one regard, that it becomes a proof as well. It is in the advantage of employee or creditor if he or she tries to resolve the matter amicably but counterparty does not act accordingly despite the presence of supporting documents.
If mediation does not work then the final court option is always available. The person or the company who has to recover his debts, amounts can take the matter to court where they can also claim the legal expense, and reasonable compensation. It needs to be noted that UAE Court also awards a legal interest which is a reward or gift to the creditor with Claim Amount. It is also awarded becasue of the fact that sometimes debtor intentionally drags the matter just to buy the time. This is not the job of a Creditor to wait for the Debtor or his good financial condition. If he has to be paid then he should be paid within a reasonable time period.