New Act Creates Uniformity in How Commercial Disputes are
Arbitrated in Australia
Syndney PR Newswire
March 14, 2011
Under the new International Arbitration Act, the Australian Centre for International Commericial Arbitration (ACICA) is now the default appointing authority for commercial disputes. A centralized appointing institution will “substantially reduce cost and delay and ensure certainty of process.” The new process will streamline procedure, increase transparency, and save parties on cost.
As international companies increasingly choose arbitration to avoid the uncertainty in foreign court systems, Australia’s recent legislative reform will continue to position the country as an “attractive neutral venue” for resolving international disputes.