Trade Disputes in Hong Kong SAR
- The Hong Kong International Arbitration Center(HKIAC) assists companies in settling their disputes independently, mainly in Asia.
- Arbitration Law
- For businesses connected with Hong Kong, arbitration follows the Hong Kong Arbitration Ordinance, and inspite of the annexion to China, there is a guarantee for follow up till the middle of this century (2048). For international business, Hong Kong follows the UNCITRAL Model Law.
- Conformity to International Commercial Arbitration Rules
Party to the New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards.
Party to the Geneva Protocol on Arbitration Clauses.
Party to the Geneva Convention of the Execution of Foreign Arbitral Awards.
- Appointment of Arbitrators
- In case where the parties cannot reach an agreement on the choice of the arbitrator, it is HKIAC which will appoint him. In case of international trade, HKIAC will also decide if there should be 1 or 3 arbitrators. Hong Kong Institute of Arbitrators is an association which promotes arbitration and brings the arbitration professionals together.
- Arbitration Procedure
- In order to have an arbitration, the parties should agree to have recourse to it. By signing an arbitration clause in the contract, the parties agree not to have recourse to a court. The arbitrators will be asked to decide a sentence which will be final and binding on the parties. The sentence is thus enforceable like an award give by a Court.
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