The Kingdom of Bahrain has set out its stall as the new go-to place for arbitration with what it claims is a world first: a national law that guarantees the independence of arbitral decisions.
Its new ADR statute means that where companies have elected to use Bahrain as their seat of arbitration, the country’s national courts cannot get involved - a common problem in other jurisdictions that leads to delays and uncertainty.
The Kingdom has recently launched its Bahrain Chamber of Dispute Resolution, which is working in partnership with the American Arbitration Association and will be known as the BCDR-AAA.
James McPherson, the chamber’s chief executive, said several multi-national companies have already signed contracts naming Bahrain as the seat of arbitration and he expects cases to start coming through his door this year.
The BCDR-AAA’s caseload will be swelled by another new local law. It says any cases worth $1.3 million or greater involving multi-nationals that would ordinarily have come before the Kingdom’s national courts will be automatically sent to the arbitration court for a binding resolution.END
No comments:
Post a Comment