1. Latest News
  2. Submit Press Release
  1. PR Home
  2. Latest News
  3. Feeds
  4. Alerts
  5. Submit Free Press Release
  6. Journalist Account
  7. PRNewswire Distribution

Cross-Border Business Drives the Growth of International Arbitration Merrill Brink International

When businesses embark on a cross-border contract, dispute resolution is unlikely to be at the top of their list of priorities. However, in today’s increasingly global economic and business climate.

 
PRLog - Jan. 18, 2013 - When businesses embark on a cross-border contract, dispute resolution is unlikely to be at the top of their list of priorities. However, in today’s increasingly global economic and business climate (http://www.merrillbrink.com/globalization.htm), international arbitration is becoming more commonplace and businesses will benefit from being prepared for the challenges this could present.

Arbitration has become a popular form of dispute resolution as it allows parties to come to an arrangement while keeping a case out of the courts of any particular country. International commercial arbitration has filled a need created by the great diversity in national legal systems (http://www.merrillbrink.com/legal-translations.htm) and the perceived inability of some courts to enforce the law fairly, expeditiously, and without prejudice against foreign litigants.1 Businesses choose arbitration over litigation because of its neutrality, finality, enforceability, procedural flexibility and the ability to choose the arbitrators.2

A number of institutions are available to help corporates seeking international arbitration. Among the largest in the EU are the London Court of International Arbitration (LCIA), the International Chamber of Commerce (ICC) in Paris and the Swiss Chamber of Commerce and Industry in Switzerland. The US’s leading arbitration institution is the American Arbitration Association (AAA). In Asia, companies can choose from “the Big Three”3 – the China International Economic and Trade Arbitration Commission (CIETAC), the Hong Kong International Arbitration Centre (HKIAC), and the Singapore International Arbitration Centre (SIAC).

Steady Growth in International Arbitration Activity (http://www.merrillbrink.com/arbitration-translation.htm)

Arbitration requests worldwide continue to grow in volume. New case filings in the Asia’s “Big Three” have more than doubled in the last 10 years, with CIETAC handling the bulk of disputes. Additionally, SIAC has experienced 90 percent growth in the past four years.4 The ICC’s Court of Arbitration experienced a 20-fold increase in arbitration requests in a 50-year period, up from 32 requests in 1956 to 593 in 2006. Similarly, for the AAA, 1,356 international claims in excess of $1 million were filed in 2006, up from 101 in 1980.5 This trend is supported by a Queen Mary University Law School in London survey first published in 2006, which concluded that for the resolution of cross-border disputes, “73% of respondents prefer to use international arbitration.”

Streamlining the Process (http://www.merrillbrink.com/industry-solutions.htm)

Leading arbitral institutions have revised their institutional rules repeatedly over the past decades to make dispute resolution more efficient and predictable, while the arbitration community has developed practical “best practices” in areas such as the taking of evidence and disclosure.6 Indeed, certain arbitration organizations are taking steps to improve their ranking in the international, as well as local or regional arenas.

For example, international acceptance of China’s CIETAC as an arbitration service provider has increased in recent years as CIETAC has modified its rules in areas such as language and venue to bring them more in line with the provisions of other international commercial arbitral institutions. “These modifications,” notes legal expert Anthony Connerty, of Lamb Chambers, Temple, London, “Should enhance CIETAC’s position as a leading arbitral institution in Asia and the world.”

As cross-border business continues to grow, the need for high-quality international legal expertise, discovery, language translation (http://www.merrillbrink.com/language-services.htm) and document support services is also increasing. Companies are best protected by engaging experienced arbitration translation experts and litigation support professionals early in the process.

References:

1 Loukas Mistelis & Crina Baltag, Recognition and Enforcement of Arbitral Awards and Settlement in International Arbitration: Corporate Attitudes, 19 AM. REV. INT'L ARB. 319, 320 (2008).

2 http://www.iccwbo.org/products-and-services/arbitration-and-adr/arbitration/

3 Frederick A. Acomb and Troy L. Harris, “The Big Three of Chinese International Arbitration,” China International Newsletter, Miller Canfield, December 2012.

4 Acomb and Harris.

5 Gary Born and Wendy Miles, “Global Trends in International Arbitration,” Wilmer Cutler Pickering Hale and Dorr LLP.

6 Gary Born and Wendy Miles.

Read the full article here: http://www.merrillbrink.com/cross-border-business-drives-growth-of-international-arbitration-01142013.htm

About Merrill Brink International

Merrill Brink International (www.merrillbrink.com) is a leading provider of complete translation and language solutions for global companies and law firms, with special expertise in serving the legal, financial, life sciences, software, heavy machinery and corporate markets. A proven leader with more than 30 years of experience, Merrill Brink offers a wide range of language solutions including translation, localization, desktop publishing and globalization services.

Merrill Brink is recognised in the industry for its commitment to quality and its pioneering approach of leveraging technology to reduce costs, eliminate redundant processes and accelerate translation life cycles. Merrill Brink is certified to ISO 9001:2008; ISO 27001:2005 and ISO 13485:2003, and registered to EN 15038:2006 and ISO 14971:2007. Together, these standards provide assurance that the most stringent process and quality standards for translation are followed. Merrill Brink International is a wholly owned subsidiary of Merrill Corporation.

--- End ---

Click to Share

Contact Email:
***@searchgency.com
Source:Merrill Brink International
Phone:212-620-5600
Zip:10014
City/Town:New York City - New York - United States
Industry:Business
Tags:national legal systems
Shortcut:prlog.org/12062110
Disclaimer:   Issuers of the press releases are solely responsible for the content of their press releases. PRLog can't be held liable for the content posted by others.   Report Abuse

Latest Press Releases By “

More...

Trending News...



  1. SiteMap
  2. Privacy Policy
  3. Terms of Service
  4. Copyright Notice
  5. About
  6. Advertise
Like PRLog?
9K2K1K
Click to Share