EFFICIENCY AND EFFECTIVENESS IN INTERNATIONAL ARBITRATION
Recent months have been impacted by a number of geopolitical and economic factors giving rise to commercial disputes. These include the ongoing war between Russia and Ukraine, uncertainty in the Middle East, the growing trend of protectionism, continued disruption to supply chains, and rising interest rates and inflation. Meanwhile, disputes associated with the energy transition and environmental, social and governance (ESG) factors are likely to remain a feature for the foreseeable future.
To resolve many of these disputes, companies will turn to international arbitration. While undoubtedly one of its biggest advantages over litigation, the flexibility arbitration offers to parties can lead to accusations of it becoming too slow and expensive. For practitioners in the field, this makes the efficiency and effectiveness of international arbitration – with the least amount of wasted time, money and effort – an ongoing focus.
Embracing innovation
A key area on this path is technology. International arbitration is no stranger to change and innovation. As technology has evolved and the world has become more interconnected, arbitration has reacted accordingly.
“The most noticeable change in the last few years has been the widespread adoption of remote working practices and the use of video platforms such as Zoom and Microsoft Teams,” says David Turner, special counsel at Baker Botts. “Even now that the coronavirus (COVID-19) pandemic has receded, video hearings have remained the norm for procedural hearings and even some smaller substantive hearings, particularly ones where no witness or expert evidence is being presented.
Apr-Jun 2024 issue
Richard Summerfield