This article briefly presents the article which is the top five countries as the best arbitration venues across the globe. Before I’m going to present the general facts about arbitration for viewers to equip with the most basic understanding about arbitration.
Any of you might be wondering what is arbitration? Arbitration is a contract-based method of resolving binding disputes. In other words, a party’s right to submit a dispute to arbitration is contingent on the presence of an agreement between them and the other parties to the issue, known as the “arbitration agreement,” that the matter may be brought to arbitration. Meanwhile, commercial contracts will often include procedures for resolving contract-related disputes. If the parties choose for arbitration, the arbitration agreement is usually included in the document that records the conditions of the commercial transaction. After a disagreement has occurred, parties can also engage in an arbitration agreement. Since I have presented the general facts about arbitration, so let’s take a look at the top five countries which are the best as an arbitration venue.
Top 3 countries that are best as arbitration venues:
Singapore is a small country that sits at the southern tip of the Malaysian peninsular. Although the country is small, it has the highest HDI and GDP per capita in the Southeast Asian region. This is due to its implementation of the highly neutral policy and its strategic location on the trade route which earns the nation the hub of Arbitration in Asia. The courts in Singapore have proved to be quite knowledgeable about international arbitration and supportive of it. Many recent Supreme Court of Singapore judgments have sought to protect arbitration agreements, enforce international awards, and reflect a public policy that the except in the most extreme instances, contractual parties’ decision to arbitrate their disputes should be maintained and implemented. The Singapore courts have demonstrated clarity of analysis and a knowledge and understanding of international commercial arbitration that rivals the courts in London, Paris, and Switzerland in their many decisions examining the scope of the public policy doctrine, the obligation to enforce arbitration agreements, and foreign awards.
Austria is one of Europe’s top international arbitration centers. Austria’s legal system stretches back to the 19th century, with the enactment of the Austrian Code of Civil Procedure (ACCP). The University of Vienna, in particular, has established itself as a world-class academic center for investment and commercial arbitration. Since 2006, Austria’s arbitration legislation has been changed twice. Only a few small alterations had been implemented since 1895 before these big improvements. This contemporary legal structure, together with its arbitration-friendly jurisprudence, has led to Austria’s high attractiveness as a venue of arbitration.
Switzerland (particularly Geneva and Zurich) has always been a favorite arbitration location. Switzerland is not a member of the EU, hence EU courts have no jurisdiction over it. According to statistics, Switzerland is currently one of the top arbitration destinations for antitrust disputes. For example, Switzerland served as the venue of arbitration in at least 12 of the 52 ICC antitrust-related arbitrations held between 1964 and 2010.