Commercial disputes are common in business, with many organisations handling multiple disputes on a domestic or international level in the course of their activities. The efficient resolution of those disagreements is crucial to ensuring costs and time are kept to a minimum, allowing the companies involved to focus on their primary operations without the distraction of a complex dispute.
Litigation is acknowledged as a difficult, time-consuming and expensive process, often requiring multiple hearings and appeals that can alter resolution timescales significantly. As a result, arbitration has become established as a viable alternative, often preferred because of its efficiency and transparency.
There are a number of high-profile arbitration institutions, such as The UN Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York Convention), that have an established set of rules and procedures accepted and implemented by all signatory countries. This level playing field has given organisations greater confidence to engage in international trade and commerce, without the spectre of costly litigation proceedings in a foreign legal system they have minimal understanding of.
With this in mind, IR Global brought eight members of its Disputes Group together to discuss arbitration procedures and their application to international commercial disputes. The aim of this feature is to give members and their clients practical insight into the specifics of arbitration in major jurisdictions across Europe, the Americas and Asia. We also highlight major arbitration institutions including The New York Convention, The Panama Convention, FIAA, AAA, ICC and CIETAC.
The following discussion involves IR Global members from the United States – New York and Florida, England, Austria, The Netherlands, China, The Cayman Islands and Spain.