Extrajudicial transaction as a resolution mechanism for the collection of bills of exchange

Abstract

This article was developed with the objective of analyzing the effectiveness and feasibility of extrajudicial settlement as a conflict resolution mechanism in the collection of promissory notes, from a legal and practical perspective. The methodology was descriptive, with a qualitative approach and a non-experimental design, using bibliographic-documentary and interview techniques. The non-random, convenience-based sample consisted of one judge from the Civil Judicial Unit of Manta canton and two practicing lawyers specializing in Civil Law. Among the main findings, extrajudicial settlement was identified as an effective mechanism due to its speed, flexibility, and ability to avoid prolonged judicial processes, benefiting both the parties and the judicial system. However, common obstacles include distrust between the parties and the risk of non-compliance with the agreements. Additionally, it was observed that parties choose this method due to its lower costs and reduced confrontation compared to a formal trial. The conclusion is that the regulatory framework provides an adequate basis for implementing this type of settlement, though there is a need to strengthen enforcement mechanisms to ensure compliance with agreements. Furthermore, factors such as communication, good faith, and the willingness of the parties are essential for the success of the extrajudicial settlement, consolidating it as an efficient and reliable alternative in commercial conflict resolution.