THE recently gazetted draft International Arbitration Bill will finally see SA adopting the Model Law on International Commercial Arbitration, developed 30 years ago by the UN Commission on International Trade Law (Uncitral).This is a long overdue first step into the modern world of commercial dispute settlement. As the Cabinet explained when endorsing the bill in April, "the international arbitration process is an essential tool for doing business across the borders of the country". Thus, the bill "will improve access to justice services for companies doing business outside the country and foreign companies in SA".International businesses are drawn to certainty and predictability, especially in the wake of major market moves such as last month’s Brexit referendum, in which a narrow majority of the UK’s voters opted to leave the EU. It is thus an opportune time for SA to opt into the international standard for the resolution of commercial disputes, particularly as the country seeks ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.