Hong Kong passes new Arbitration Ordinance
On 11 November 2010, Hong Kong's new Arbitration Ordinance (Ordinance) was passed by the Legislative Council. The Ordinance represents a major reform of arbitration law in Hong Kong, abolishing the previous distinction between domestic and international arbitration and adopting a unitary regime based on the UNCITRAL Model Law (Model Law).Read more...
Facts and Figures on ICC Arbitration: Requests for arbitration down 3% in 2010
The ICC Court of Arbitraion recently released its figures for 2010 showing the following prelminary statistics:
- 793 Requests for Arbitration were filed with the ICC Court (down 3% from 2009, cf. here for 2009 figures)
- Those Requests concerned 2,145 parties from 140 countries and independent territories;
- In 10% of cases at least one of the parties was a State or parastatal entity;
- The place of arbitration was located in 53 countries throughout the world;
- Arbitrators of 73 nationalities were appointed or confirmed under the ICC Rules;
- The amount in dispute was under one million US dollars in 24.1% of new cases;
- 478 awards were rendered.
Cape Verde Signs the ICSID Convention
The Convention on the Settlement of Investment Disputes between States and Nationals of Other States (the ICSID Convention) was signed yesterday on behalf of Cape Verde by Her Excellency Maria de Fátima Lima da Veiga, Ambassador Extraordinary and Plenipotentiary of Cape Verde to the United States.Read more...