HKIAC, ICC address costs and delays in arbitration

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The 2015 International Arbitration Survey on Improvements and Innovations in International Arbitration, by Queen Mary University of London, has suggested that costs and delays were “ranked by respondents as among the worst characteristics of international arbitration”. The Hong Kong International Arbitration Centre (HKIAC) and the International Court of Arbitration (ICC) have recently taken steps to address these two problems.

Consolidation of arbitration. Disputes arising from complex multi-party and multi-contract transactions – for example, mergers and acquisitions, banking documentation, supply chain contracts, or large construction projects – have become increasingly common. Such disputes can often result in parallel proceedings bearing the risk of contradictory outcomes and cost inflations.

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Business Law Digest is compiled with the assistance of Baker & McKenzie. Readers should not act on this information without seeking professional legal advice. You can contact Baker & McKenzie by e-mailing Danian Zhang (Shanghai) at: [email protected]