SYDNEY: Australia is set to become a global player in the booming market for
cross border dispute resolution following the opening of the Australian
International Disputes Centre in Sydney.
Jointly funded by the Australian and NSW state governments and
Australia's only international arbitration administrator, the Australian
Centre for International Commercial Arbitration, the state of the art
facility will allow national and foreign companies to resolve commercial
disputes outside the court system without resorting to costly and lengthy
litigation.
A PricewaterhouseCoopers survey, 'International Arbitration: Corporate
attitudes and practices', revealed 73% of corporations prefer to use
arbitration to resolve their cross-border disputes rather than transnational
litigation and saw arbitration as a means to successfully preserve business
relationships.
ACICA President and Head of Clayton Utz's International Arbitration and
Major Projects Group, Professor Doug Jones AM said: "International
arbitration has emerged as the process of choice for businesses in the global
economy."
"Investors want to avoid the uncertainty of litigation in a foreign
court system with the associated lack of familiarity over processes and in
some cases excessive time and costs. The decision concerning Chevron Corp is
a recent example." added Jones.
(In March Chevron Corp was awarded US$700 million by The Hague-based
Permanent Court of International Arbitration that ruled in favor of its claim
against Ecuador over past operations at its Texaco unit. The tribunal found
that Ecuador's courts delayed rulings on a contract dispute between Texaco
and the Ecuadorian government, thus violating international law. Chevron was
awarded principal damages and interest as of 22 December, 2006, pending
further proceedings to determine taxes, interest and costs. The ruling marked
a victory for the USA's second-largest energy company following four decades
of escalating disputes over oil production in the South American nation.)
The centre has been endorsed by Australian business with Chief Executive
of the Australian Industry Group, Mrs Heather Ridout saying: "Commercial
disputes are a reality of doing business; minimising them and resolving them
well is the key. The centre's emphasis on providing a world class facility
and capability for resolution, will be strongly welcomed and supported by
Australian and regional business."
International lawyer, Michelle Sindler has been appointed the inaugural
Chief Executive of the Centre.
Ms Sindler returns to Australia after a successful practice in
international arbitration and dispute resolution in Europe. AIDC's Chairman,
the Hon Trevor Morling QC said: "Michelle has an impressive background in
alternative dispute resolution, with a particular focus on international
arbitration. The Board unanimously agree that she will be an asset to the
Centre."
The Centre was officially opened by the Australian Attorney General
Robert McClelland and NSW State Attorney General John Hatzistergos in the
presence of Chief Justice of the Federal Court of Australia Patrick Keane,
Chief Justice of the Supreme Court of NSW James Spigelman and other
distinguished guests.
Ends
Media Contact:
Gianna Totaro
+61-438-337-328
GiannaTotaro@disputescentre.com.au
About the Australian International Disputes Centre (AIDC)
The Australian International Disputes Centre is Australia's premier
dispute resolution venue. Established in 2010 with the assistance of the
Australian Government and the Government of the State of New South Wales, the
Centre houses leading ADR providers which include the Australian Centre for
International Commercial Arbitration (ACICA), the Chartered Institute of
Arbitrators (Australia) Limited (CIArb), the Australian Maritime and
Transport Arbitration Commission (AMTAC) and the Australian Commercial
Disputes Centre (ACDC). The Centre offers a premier one stop full alternative
dispute resolution service including panels of accredited dispute resolvers.
For more information visit http://www.disputescentre.com.au
