Jamaica prepared for new arbitration law — Chuck
KINGSTON, Jamaica (JIS) – Minister of Justice, Delroy Chuck said the country is prepared for the advent of the new Arbitration Bill, with the launch of the Mona International Centre for Arbitration and Mediation (MICAM) in November.
“The launch of this centre will ensure that once the Bill is passed, there will already be an established and modernised venue to host arbitration disputes,” Chuck said.
He noted that MICAM will also be conducting several training programmes geared towards ensuring that Jamaica has a credible and well-trained cadre of arbitrators, who will join the illustrious panel of arbitrators that already exist worldwide.
“Arbitration can be a game changer in the settlement of commercial domestic disputes and a major source of foreign-exchange earnings from the settlement of international trade disputes,” Chuck said.
The minister was opening the debate on the Arbitration Bill in the House of Representatives on Tuesday.
The legislation, which will repeal the Arbitration Act of 1900, seeks to provide an effective non-judicial mechanism for settling disputes between contracting parties.
It is based on the provisions of the Model Law published by the United Nations Commission on International Trade Law (UNCITRAL) and will operate in conjunction with the provisions of the Arbitration (Recognition and Enforcement of Foreign Awards) Act as well as the Investment Disputes Awards (Enforcement) Act.