FOR IMMEDIATE RELEASE
Press Release Submitted By Merrill Brink International
When businesses embark on a cross-border contract, dispute resolution
is unlikely to be at the top of their list of priorities. However, in
today’s increasingly global economic and business climate,
international arbitration is becoming more commonplace and businesses
will benefit from being prepared for the challenges this could
present.
Arbitration has become a popular form of dispute resolution as it
allows parties to come to an arrangement whilst keeping a case out of
the courts of any particular country. International commercial
arbitration has filled a need created by the great diversity in
national legal systems and the perceived inability of some courts to
enforce the law fairly, expeditiously, and without prejudice against
foreign litigants.1 Businesses choose arbitration over litigation
because of its neutrality, finality, enforceability, procedural
flexibility and the ability to choose the arbitrators.2
A number of institutions are available to help corporates seeking
international arbitration. Among the largest in the EU are the London
Court of International Arbitration (LCIA), the International Chamber
of Commerce (ICC) in Paris and the Swiss Chamber of Commerce and
Industry in Switzerland. The US’s leading arbitration institution is
the American Arbitration Association (AAA). In Asia, companies can
choose from “the Big Three”3 – the China International Economic
and Trade Arbitration Commission (CIETAC), the Hong Kong International
Arbitration Centre (HKIAC), and the Singapore International
Arbitration Centre (SIAC). (Free-Pr-Online,com)
Steady Growth in International Arbitration Activity
Arbitration requests worldwide continue to grow in volume. New case
filings in the Asia’s “Big Three” have more than doubled in the
last 10 years, with CIETAC handling the bulk of disputes.
Additionally, SIAC has experienced 90 per cent growth in the past four
years.4 The ICC’s Court of Arbitration experienced a 20-fold
increase in arbitration requests in a 50-year period, up from 32
requests in 1956 to 593 in 2006. Similarly, for the AAA, 1,356
international claims in excess of $1 million were filed in 2006, up
from 101 in 1980.5 This trend is supported by a Queen Mary University
Law School in London survey first published in 2006, which concluded
that for the resolution of cross-border disputes, “73% of
respondents prefer to use international arbitration.”
Streamlining the Process
Leading arbitral institutions have revised their institutional rules
repeatedly over the past decades to make dispute resolution more
efficient and predictable, whilst the arbitration community has
developed practical “best practices” in areas such as the taking
of evidence and disclosure.6 Indeed, certain arbitration organisations
are taking steps to improve their ranking in the international, as
well as local or regional arenas.
For example, international acceptance of China’s CIETAC as an
arbitration service provider has increased in recent years as CIETAC
has modified its rules in areas such as language and venue to bring
them more in line with the provisions of other international
commercial arbitral institutions. “These modifications,” notes
legal expert Anthony Connerty, of Lamb Chambers, Temple, London,
“Should enhance CIETAC’s position as a leading arbitral
institution in Asia and the world.”
As cross-border business continues to grow, the need for high-quality
international legal expertise, discovery, language translation and
document support services is also increasing. Companies are best
protected by engaging experienced arbitration translation experts and
litigation support professionals early in the process.
References:
1 Loukas Mistelis & Crina Baltag, Recognition and Enforcement of
Arbitral Awards and Settlement in International Arbitration: Corporate
Attitudes, 19 AM. REV. INT’L ARB. 319, 320 (2008).
2
http://www.iccwbo.org/products-and-services/arbitration-and-adr/arbitration/
3 Frederick A. Acomb and Troy L. Harris, “The Big Three of Chinese
International Arbitration,” China International Newsletter, Miller
Canfield, December 2012.
4 Acomb and Harris.
5 Gary Born and Wendy Miles, “Global Trends in International
Arbitration,” Wilmer Cutler Pickering Hale and Dorr LLP.
6 Gary Born and Wendy Miles.
Read the full article here:
http://www.merrillbrink.com/cross-border-business-drives-growth-of-international-arbitration-01142013.htm
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