HKIAC and Hong Kong are the dispute resolution combination for OBOR disputes with a reliable and well-tested system for handling disputes arising under commercial contracts between OBOR parties.
Some of the reasons why HKIAC is well-positioned as the OBOR dispute resolution hub:
- Arbitration provides users with a final binding decision, which is enforceable in over 156 countries globally, making it the most viable dispute resolution tools for cross-border transactions.
- HKIAC awards have a stellar track record of enforcement in OBOR countries, and an unrivalled record of enforcement in Mainland China.
- HKIAC has the most competitive administrative fees amongst major international arbitration institutions.
- Parties can consider the complexity and value of the dispute before deciding whether to pay the tribunal an hourly rate or a percentage of the amount in dispute under HKIAC’s Administered Arbitration Rules (HKIAC Rules).
- HKIAC offers free premium hearing space overlooking Victoria Harbour for disputes involving a state listed on the OECD development assistance list. 70% of the OBOR countries are on the OECD list.
- HKIAC Rules can be strategically used to control costs and increase efficiency suitable for multi-party multi-contract construction, joint venture or project finance disputes.
- These far-reaching provisions allowing multiple arbitrations to be consolidated, additional parties to be joined to arbitrations, and single arbitrations to be commenced under multiple contracts.
- Emergency arbitrators can be appointed and the expedited procedure adopted where urgent relief is required.
- Hong Kong's proximity to Mainland China ensures an unrivalled understanding of China yet under the “one country two systems” doctrine Hong Kong maintains an independent legal system.
- Hong Kong upholds the rule of law, which is overseen by an independent judiciary with a proven pro-arbitration stance.
Mitigate risk in OBOR projects by selecting an HKIAC dispute resolution clause that will provide for the reliable resolution of disputes through settlement or a binding decision that is enforceable in over 156 countries worldwide.
For further details on HKIAC’s arbitration services click here