COVID-19 International Arbitration Protocol with BeiHai Asia International Arbitration Centre
4 May 2020
With a poor global economic outlook caused by the pandemic, it is inevitable that the incidence of international commercial disputes would increase. At the same time, many courts around the world have shut down or will re-open to face a significant logjam of cases accumulated months prior. For many businesses, not being able to resolve their disputes expediently is detrimental to their businesses, and impedes their ability to pull through this economic crisis. When faced with a dispute, businesses invariably are predominantly concerned with the worst (or best) outcomes. In such cases, dealing with a dispute earlier than later puts them in a position to effectively plan for their business and finances, and to strategize ahead with certainty.
International arbitration specialist, Shaun Leong, FCIArb, has in collaboration with BeiHai Asia International Arbitration Centre (BAIAC), launched the COVID-19 International Arbitration protocol. Shaun notes, “the purpose of this protocol would be to allow parties an alternative forum to consensually resolve their disputes in a private, cost efficient, and expedient manner. International arbitration, by the very nature of its flexible processes, is more adapt at resolving disputes remotely and via the use of technology”.
The BAIAC is the first ever international arbitration centre in Singapore established by a foreign, internationally based arbitration commission, with focus on resolving cross border commercial and Belt & Road disputes, in particular those arising from ASEAN jurisdictions.