2021 ICC rules of arbitration: towards making arbitration even more attractive
In 2017 South Africa adopted a new arbitration law for International Arbitrations, the International Arbitration Act (IAA).
The passing of the IAA was a significant development for both South Africa and the region. Many parties choose arbitration in their international agreements; however, this is only desirable if an arbitration is seated in a jurisdiction where courts give support when needed, but otherwise do not interfere. The IAA which is based on the UNCITRAL Model Law entrenches this approach. The IAA provides a familiar framework for administering an arbitration, clarity of process and procedure, and certainty that foreign arbitration agreements and awards will be recognised and enforced within the jurisdiction.
However, a good arbitration law and the associated developed judiciary and infrastructure is only one side of the equation. What is also required is a set of modern arbitral rules, which are familiar to international parties and which can accommodate and facilities modern international arbitrations. The Arbitration Foundation of Southern Africa (AFSA) has now published their draft International Arbitration Rules, which will hopefully plug this gap and provide a set of user friendly and modern rules.
In this podcast, Partner Alon Meyerov and advocate Grant Herholdt, a barrister who practices at Group One Chambers in South Africa will be discussing the draft International Arbitration Rules published by the Arbitration Foundation of Southern Africa.
This podcast forms part of our Projects & Construction Year in Review 2020 commentary.