The Roundtable, which appears in the June 2015 issue of Financier Worldwide magazine, discusses the advantages and challenges of international arbitration, procedural aspects of conducting arbitration, effective arbitration strategies, and the enforcement of arbitral awards.
According to Financier Worldwide: “In a complex and expansive global business environment, the relationships between businesses, investors and third parties are, for the most part, diverse and far-reaching. Yet business relationships conducted on a global scale involving cross-border investment and trade can, and often do, break down. In such circumstances, the recourse is increasingly becoming arbitration; a fast, reliable alternative to litigation now recognised by the international community as the first port of call for resolving transnational commercial disputes.”
For the Roundtable, Julio César Betancourt of the CIArb moderated a discussion between Ben Knowles at Clyde & Co LLP, Gregory K. Bell at Charles River Associates, Elie Kleiman at Freshfields Bruckhaus Deringer LLP, Colin Johnson at Grant Thornton UK LLP, Lance Lee at Lee International IP & Law Group, and Julie Bédard at Skadden, Arps, Slate, Meagher & Flom LLP.
Ben Knowles said: “Parties clearly need to think about the forum for resolving disputes and whether or not the counterparty will be good for the money if there were to be a claim.”
Gregory K. Bell said: “As economic activity expands in developing markets, this means that market opportunities for additional centres focused on parties doing business in those markets and regions will continue to arise.”
Elie Kleiman said: “As long as there is no permanent international court for investment disputes, arbitration will remain the only available neutral forum for businesses to settle their disputes with states.”
Colin Johnson said: “Accounting experts can make a valuable contribution by providing an early indication of the potential quantum so that the effort and expenditure can be put in a commercial perspective.”
Lance Lee said: “The rising cost of arbitration is very significant as it reflects extended proceedings and an increased volume in submissions.”
Julie Bédard said: “The New York Convention, which was established to foster the enforcement of arbitration awards, remains a useful treaty producing its intended effects in many jurisdictions.”
The complete Roundtable is available to read on Financier Worldwide’s website.