New Arbitration Centre opens in London
A new centre has recently opened in the heart of London which will hear and support cases involving Arbitration.
The International Arbitration Centre (IAC) has finally opened after two years of development, prompted by the ongoing complaints of practitioners that there was a lack of arbitration facilities in London, compared to other cities like Singapore.
What is ‘International Arbitration’?
International arbitration is a form of arbitration that is between the companies or individuals that are based within different nation states or countries.
As this form of arbitration applies to companies and individuals from different nations or countries, this means that different rules will apply to that which is applied in domestic arbitration.
By choosing to go through international arbitration, this shall avoid the route of going through local court procedures, which may turn out to be lengthy and costly.
When judgements are made by international arbitration, the judgements can have the power the hold on a global scale, specifically under the ‘New York Convention’, in which since its inception in 1958, most of the developing western countries have now signed under. However in more recent times, specifically in relation to trade, most follow the ‘United Nations Commission on Trade Law’ as a model for international arbitration law instead.
To find out more about the IAC, please click here.
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