Webinar “Arbitrating Domestically and Internationally: An Introduction to BANI, SIAC and ICC“
Arbitration has been long known as one of the alternative dispute settlement mechanisms available to businesses besides court litigation. The use of arbitration has been growing rapidly and thus, it is frequently chosen as the dispute settlement forum in numerous contracts.
However, the differences and advantages of arbitration compared to court litigation are often questioned, particularly with the ongoing demand of settling disputes efficiently and effectively, especially in the current situation where some parts of the world have officially entered economic recession. The 2018 International Arbitration Survey conducted by Queen Mary University of London reveals that indeed, arbitration is the preferred method for dispute settlement mechanism due to among others, the enforceability of the awards in 164 member states of the New York Convention (as of the time of writing) and its efficiency.
Sensing that such matter may become a pivotal need for our clients, UMBRA Strategic Legal Solutions (UMBRA) took the initiative to hold webinars on “Arbitrating Domestically and Internationally: An Introduction to BANI, SIAC and ICC“ for our respective clients, PT Aneka Tambang Tbk, PT Pertamina Hulu Mahakam, and PT XL Axiata Tbk.
UMBRA’s Partner, Melati Siregar, and UMBRA’s Counsel, Junianto James Losari, provided an overview of arbitrating disputes both internationally and domestically from the perspective of Indonesia-based businesses, including the importance of choosing the seat of arbitration, understanding the applicable procedural laws primarily for the Singapore International Court of Arbitration (SIAC) and the International Chamber of Commerce’s Court of Arbitration (ICC), the enforcement of arbitral awards, and the ongoing dispute between the two BANIs in Indonesia where this has become an issue by itself for the disputing parties.
The lively and interactive discussions signify clients’ hunger and thirst for information, and we truly hope that our webinars can provide them with necessary information in their day-to-day operation. This is part of our commitment to continuously provide in-depth training to our clients on latest legal developments that may impact their businesses.