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Singapore will allow cross-border trade documents with international ports to be digitalised.ST PHOTO: GAVIN FOO
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By Solomon Unimke
This paper attempts to discuss the arbitral institutions and the considerations parties and counsel must contemplate in selecting an arbitral institution, which is a crucial process and can indicate from the on-set, the seat of arbitration which is primary in initiating, deliberating and enforcing an arbitral award. This discourse provides a comparative analysis of some top global arbitration institutions and the advantages or challenges arbitration institution users must reflect on in choosing an institution, as well as providing a further insight into the growing trend in switching between Arbitration and Mediation and its efficacy in resolving international disputes with a particular focus on the emerging areas in Africa, particularly Nigeria.
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A growing number of cases in which private parties are seeking enforcement of very large arbitration awards are percolating through the U.S. courts. These awards emanate both from tribunals seated in the United States (where enforcement is usually governed by the Federal Arbitration Act) and from tribunals seated abroad (where enforcement is governed by international treaties, such as the 1958 New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards). In either case, once the U.S. courts confirm an arbitration award, it becomes enforceable as a U.S. judgment and the award creditor is generally able to employ U.S. enforcement and discovery procedures in order to locate, and potentially attach, assets of the award debtor. This is a powerful enforcement weapon for award creditors.
PM: Govt focused on making Bahamas a leading arbitration center Prime Minister Dr. Hubert Minnis. FILE
Prime Minister Dr. Hubert Minnis yesterday committed the government to charting a new course to develop a uniquely Bahamian model that would position this jurisdiction as a leading center for international commercial arbitration in the Americas.
He opened the Ministry of Financial Services, Trade & Industry and Immigration’s Alternative Dispute Resolution (ADR) Forum, which was held virtually yesterday.
Minnis said in charting a new course, the ADR industry has partnered with the government to develop a model that encompasses all forms of alternative dispute resolution, ensuring that it is competitive and successful.