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WEDNESDAY, NOVEMBER 8, 1989
"EVEN IF THE PLACES OF BUSINESS OF THE PARTIES ARE IN THE SAME STATE. THE ARBITRATION IS ALSO INTERNATIONAL IF THE PARTIES AGREE ΤΟ ARBITRATE ELSEWHERE; OR IF A SUBSTANTIAL PART OF THE COMMERCIAL OBLIGATIONS ARE TO BE PERFORMED ELSEWHERE; OR IF THE SUBJECT MATTER OF THE DISPUTE IS MORE CLOSELY CONNECTED WITH ANOTHER STATE.
"A DOMESTIC ARBITRATION IS ONE THAT WILL FALL OUTSIDE THESE PRESCRIBED CIRCUMSTANCES," MR STOCK SAID.
EXPLAINING THE BACKGROUND, HE SAID THAT WITH THE INCREASING INTERNATIONALISATION OF COMMERCE, A CLEAR NEED HAD EMERGED FOR BUSINESS DISPUTES TO BE SETTLED IN A MANNER THAT WAS "JUST, SWIFT, PREDICTABLE AND FINAL".
BUT IF DIFFERENT COUNTRIES HAD DIFFERENT MECHANISMS FOR RESOLVING THESE DISPUTES, BUSINESSMEN WERE UNLIKELY TO CHOOSE A VENUE FOR ARBITRATION IF THEY OR THEIR ADVISERS WERE UNFAMILIAR WITH THAT VENUE'S ARBITRATION LAWS AND PROCEDURES.
MR STOCK SAID IT WAS THIS PROBLEM THAT WAS ADDRESSED BY THE UNITED NATIONS COMMISSION ON INTERNATIONAL TRADE LAW (UNCITRAL) IN THE HOPE THAT IF COMMON PROCEDURES WERE APPLIED, BUSINESSMEN COULD CHOOSE A VENUE FOR ITS CONVENIENCE AND PUT ASIDE WORRIES ABOUT PROCEDURAL MATTERS.
UNCITRAL PRODUCED ITS MODEL LAW IN 1985, AND THE GENERAL ASSEMBLY OF THE UNITED NATIONS PASSED A RESOLUTION CALLING
ON ALL STATES TO GIVE DUE CONSIDERATION TO ADOPTION OF THE MODEL LAW.
"THE BASIC PHILOSOPHY OF THE MODEL LAW IS ΤΟ PROVIDE THE INTERNATIONAL BUSINESS COMMUNITY WITH A UNIVERSAL CODE EXPRESSED CLEARLY AND WHICH IS AIMED AT SPEEDY RESOLUTION OF DISPUTES WITH MINIMAL INTERFERENCE BY THE COURTS AND WITHOUT ELABORATE MR STOCK ADDED.
PROCEDURES,
DEBATE ON THE BILL WAS ADJOURNED.
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