Asian and overseas economies continue to provide growth for Australian businesses resulting in an increasing number of commercial agreements with international parties. Providing a fair, cost-effective, efficient dispute resolution process to Australian and overseas entities on cross-border transactions is imperative for continued growth.
Parties in international business transactions generally prefer to resolve any dispute by arbitration rather than through litigation in national courts. Broadly, by agreeing to an arbitration provision the parties to an agreement can choose a neutral venue for the determination of any dispute and the applicable law that governs the interpretation of the agreement.
The parties also have greater freedom to choose the process that will be followed during the arbitration hearing. Further, international arbitration awards are enforceable in most countries in the world by reason of the 1958 New York Convention and other treaties.
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