$500 million arbitration claims
AROUND $500 million (BD189m) has been claimed in 13 resolved cases by the Bahrain Chamber for Dispute Resolution in its first year of operation last year, an official has revealed.
This year the Bahrain Chamber for Dispute Resolution (BCDR)-American Arbitration Association (AAA) has received 27 cases, said BCDR-AAA chief executive James MacPherson.
Most cases have been for the financial sector, either banks, insurance companies or investors and have involved parties from Bahrain and abroad.
"The feedback from lawyers and parties to date has been very positive," Mr MacPherson told the GDN.
"They are appreciative because it's fast, because some of these cases are decided in eight or nine months and others might take a year or year-and-a-half.
"But the issue is they have a quality process, they can do it in a more flexible way than if they went to courts in any country and it's done with case management.
"You have a professionally trained young lawyer who works with the parties and works to get all the relevant data in order, which takes about four months and then that information is turned over to a tribunal."
The BCDR in partnership with the AAA was launched in January last year to provide international and regional businesses and governments contracting in the Gulf and beyond.
It offers purpose-built mediation and arbitration solutions for the rapid, effective and binding resolution of commercial disputes.
This is in addition to statutory Alternative Dispute Resolution (ADR) and international arbitration with a Free Arbitration Zone option.
Statutory ADR tribunals are disputes involving either a financial institution licensed by the Central Bank of Bahrain or international commercial matters where the contested sum exceeds BD500,000.
These disputes are automatically heard by the BCDR-AAA, rather than the local courts for the rapid, final and binding resolution of disputes.
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