Arbitration has become a necessarily well-known technique for resolving commercial disputes internationally. In the past decade, arbitrators around the world had successfully awarded arbitration orders of cases worth many millions or even billions of dollars. Arbitration is generally considered as less expensive and quicker than the case, with the additional advantages of privacy and comparatively less time-consuming. However, at the point when things do turn out badly, organizations need to guarantee that their arbitration provision in the commercial contract satisfies their desires of a perfect “exit technique”. Therefore, it is significant to appoint or seek the assistance of Best Arbitration Lawyers in UAE to determine how an ideal arbitration clause can be drafted and most importantly which arbitration institute to rely upon for registering the case if things go south.
Although the decisions made by parties while finalizing the arbitration provision can bring about significant legitimate and strategic favourable circumstances, however, practice demonstrates that the choice to incorporate an arbitration clause is regularly founded on the limited information available to the parties. We believe that there are other significant concerns which need the in-depth focus of the parties and the legal representatives while drafting the commercial contract, yet, this article focus on the right type of arbitration institute which one must choose to finalize the arbitration clause in the agreement. Importantly, the article majorly focuses on the arbitration institute registered within the UAE and provides an insight on all such institutes for the readers to opt for the right institute as they may deem fit. Following are the different type of arbitration institutes registered in UAE:
- Dubai International Arbitration Centre (DIAC)
Dubai's self-governing arbitration institute is DIAC, which was previously known as Center for Commercial Conciliation and Arbitration and was registered under Decree-Law number 11 of the year 2007. DIAC was earlier governed by Dubai Chamber of Commerce and is now a non-profit and independent organization from Dubai Chamber of Commerce and Government of Dubai. DIAC issued Arbitration rules in 2007 that governs all arbitration proceedings registered with DIAC. The language of arbitration can be either Arabic or English.
- The Abu Dhabi Commercial, Conciliation and Arbitration Centre (ADCCAC)
Abu Dhabi Chamber established ADCCAC in 1993 for resolving commercial disputes either through arbitration or through conciliation. The arbitrator can be appointed in ADCCAC following the arbitration provision; however, the centre has its mediators accredited by them for resolving commercial disputes through mediation. The language of arbitration or mediation can be either Arabic or English.
- Dubai International Financial Centre- London Court of International Arbitration (DIFC-LCIA)
This arbitration institute is a collaboration of DIFC and LCIA for establishing an arbitration institute by LCIA rules. This centre was established in 2008 in DIFC free zone and since then has gained significant popularity among multinational companies considering its adaption to international arbitration rules.
- Abu Dhabi Global Market Arbitration Center and Alternative Dispute Resolution
Equipped with state-of-art technology, ADGM arbitration centre is relatively new as compared to other arbitration institutes, however, provides all sorts of dispute resolution facilities with advanced technology. The centre relies on the provisions of UNICTRAL model laws and provides completely digitalized facilities to all its clients.
Apart from the preceding arbitration institutes, Sharjah has its Commercial Arbitration Centre, and Ras Al Khaimah has Centre for Reconciliation and Commercial Arbitration. The afore-mentioned information just provides a base idea about the institutes. Thus, it is advised to approach top lawyers in Dubai to determine the best arbitration institute depending upon the cost, language, period and other significant concerns.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.