PHOTO
Abu Dhabi - UAE: Abu Dhabi Global Market Arbitration Centre (ADGMAC), the world-class state-of-the-art hearing facility located in the MENA region, has launched a set of Arbitration Guidelines with unique and innovative characteristics that offer parties best practice procedures to assist in bringing greater certainty and efficiency to the arbitral process. This is part of ADGMAC’s ongoing commitment to raise the level of global arbitration practice and standards.
The Guidelines were developed following extensive consultation with a wide cross-section of the dispute resolution community, including senior in-house counsel from leading Abu Dhabi organisations, local and international law firms and arbitrators. The Guidelines ensure fairness, equality and due process and address users’ primary concerns, needs and interests in the arbitral process.
The Guidelines are available to all and can be applied at any stage of an arbitration. They have been structured in “modules”, each of which deals with certain aspects of the arbitral process through a set of clear default procedures, giving tribunals the tools to better control time and costs of proceedings.
The Guidelines can be used in ad hoc arbitral proceedings or proceedings that are administered by an arbitral institution. They are designed to complement the leading institutions’ arbitration rules. They are not intended to replace or override the institutional rules that the parties have chosen for their arbitration or the provisions of the arbitration law of their chosen arbitral seat.
Linda Fitz-Alan, Registrar and Chief Executive of ADGM Courts, said: “Following the enactment of ADGM’s progressive arbitration framework in late 2015, we have explored ways in which we could transform all aspects of dispute resolution.
We have listened to the concerns expressed by experienced members of the arbitration community about the trend towards higher costs, increased inefficiencies and longer delays in the arbitral process, and agree that this is unsustainable for parties involved in that process. After wide consultation we have identified a universal set of best practice guidelines that parties and tribunals can adopt or tailor to the circumstances of a particular case. We believe that the guidance that they offer will be of immense assistance in promoting greater efficiency, particularly in proceedings involving parties from different legal systems and traditions. This is just one of a number of steps we are taking to demonstrate our leadership in the delivery of innovative solutions and services in dispute resolution.”
Essam Al Tamimi, Senior Partner, Al Tamimi & Co. said: “The Arbitration Guidelines, which have been published by the ADGM Arbitration Centre, provide an innovative, and yet practical, set of procedures for use in arbitral proceedings, whether seated in the ADGM or elsewhere. Parties who choose to utilize them - in whole or in part - have the assurance that they represent best practice and afford greater certainty and efficiency, factors that ought to appeal to end-users of arbitration. And, of course, the Guidelines represent another step by the UAE in cementing its position as a centre of excellence for arbitration in the region."
Alex Bevan, Partner, International Arbitration, Shearman & Sterling, said: “Arbitration must continue to evolve and innovate in order to strive to serve the end-users and their businesses even better than it already does. The Guidelines are an important step forward on that path of innovation. We are delighted to have developed the Guidelines with ADGMAC and we are excited at the prospect of parties, counsel and arbitrators making use of them to make the arbitral process more fit for purpose and cost effective.”
Henry Quinlan, Head of Litigation, Arbitration & Investigations, DLA Piper Middle East LLP, said: "From the outset, ADGM has sought to engage constructively with its sister courts, the legal profession and with court and arbitration users to ensure that the services it is offering are relevant and address the issues which arise in dispute resolution in the UAE and the wider region. The Guidelines represent another example of the fruitful outcomes which can be achieved by this consultative approach. They also demonstrate the ADGM's continuing desire both to listen and, having listened, to provide thought leadership to the profession, to other institutions and to users of arbitration. The Guidelines are brimful of innovative and thought-provoking ideas which should serve as triggers to parties, counsel and tribunals to tailor the arbitral process to make it work for them in the specific context of their dispute. "Bespoking" the arbitral process is precisely the type of innovation which is required if arbitration is to remain a relevant and useful method of dispute resolution, particularly now, when technologies are emerging which will challenge present notions of how disputes should be resolved."
For more information and to view the Guidelines, please visit
Ends
About Abu Dhabi Global Market and the ADGM Arbitration Centre
Abu Dhabi Global Market (ADGM), an international financial centre located in the capital city of the United Arab Emirates, opened for business on 21 October 2015. Established by a UAE Federal Decree as a broad-based financial centre, ADGM augments Abu Dhabi’s position as a global hub for business and finance and serves as a strategic link between the growing economies of the Middle East, Africa and South Asia and the rest of the world.
ADGM’s strategy is anchored by Abu Dhabi’s key strengths including private banking, wealth management, asset management and financial innovation. Comprising three independent authorities: ADGM Courts, the Financial Services Regulatory Authority and the Registration Authority, ADGM as an IFC governs Al Maryah Island which is a designated financial free zone. It enables registered financial institutions, companies and entities to operate, innovate and succeed within an international regulatory framework based on Common Law.
Since its inception, ADGM has been awarded the “Financial Centre of the Year (MENA)” for three consecutive years for its initiatives and contributions to the financial and capital markets industry in the region. *
ADGM stands out in the dispute resolution community with its modern pro-arbitration framework modelled on the UNCITRAL Model Law, with tailored enhancements to resonate with the needs of the region and global community. This framework is now complimented with the opening of the ADGM Arbitration Centre (ADGMAC), a world-class arbitration hearing facility with state-of-the art technology. ADGMAC was established to support Abu Dhabi as a world leader and preferred destination for international dispute resolution. It offers to all parties outstanding digital hearing facilities in a strategic location, raising the standards of dispute resolution and business confidence in the region. The Centre caters to the ongoing strong demand for arbitration and mediation as parties’ preferred form of dispute resolution for their commercial or civil disputes.
ADGMAC is not an institution. Its facilities and fully digitised services can be used by parties regardless of the seat or institution they choose to administer their arbitration.
For more details and to contact ADGMAC, please visit www.adgmac.com , or follow us on Twitter: @adgmArbitration and Linkedin: ADGM Arbitration Centre
* Source: The Global Investor Middle East and North Africa (MENA) Awards
For further enquiries, please contact:
Joan Lew
joan.lew@adgm.com
Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
