Ever wondered why most commercial contracts have airtight arbitration clauses that specify where and under which jurisdiction a dispute will be handled? Through arbitration, parties to a dispute are provided with the opportunity of controlling the manner in which any dispute that arises between them is solved. It provides an alternative solution to going to courts where neither party in an agreement will have any control over the timings and/or any other matters pertaining to the ongoing dispute resolution process. The second webinar of the webseries AmCham SL Law Review hosted by the American Chamber of Commerce in Sri Lanka held in February was on the topic, ‘Developments in Arbitration’. The webinar was panelled by Executive Director of the New York International Arbitration Centre (NYIAC) Rekha Rangachari, Counsel – Arnold and Porter New York and Lecturer-in-Law at Columbia Law School Dr. Kabir Duggal Esq., Lead Counsel, – Colombo Law Alliance and Chairman of Sri Lanka International Arbitration Centre Dr. Asanga Gunawansa, Esq.
The session was moderated by Legal Counsel – International Chamber of Commerce (ICC) Nishan Premathiratne, Esq. with Young America’s Foundation (YAF) Regional Representative for Sri Lanka and Sector Specialist for Commercial Law Reforms of the Ministry of Justice being present. Like all other aspects of business that changed with the pandemic, dispute resolution, especially on international levels, was handled differently during the pandemic. And like with all things the fact that these sessions were held on a virtual platform highlighted important aspects of the current system that need to be reformed and what the focus in making these reformations should be. Dr. Gunawansa who opened the forum focused his presentation on how the system could and should adapt to the ‘new normal’ brought on by the pandemic. In his opening remarks he explained how the pandemic has impacted procedures globally due to the travel restrictions imposed.
Read the full article on :- https://ceylontoday.lk/news/solving-disputes-virtually-across-borders