Commercial disputes are common in business, with many organizations 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), which have an established set of rules and procedures accepted and implemented by all signatory countries. This level playing field has given organizations greater confidence to engage in international trade and commerce, without the specter of costly litigation proceedings in a foreign legal system of which they have minimal understanding.
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 feature gives 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.
Contributors include Diaz Reus Partner Gary E. Davidson, a high-stakes international litigator and arbitrator with noted successes in state and federal courts and before the American Arbitration Association, the ICDR, ICC and other institutional arbitral bodies. He is a frequent speaker and author on international law.
Read here: virtual roundtable on international arbitration.