The Seven Most Famous Arbitration Institutions in the World
Arbitration is recognized worldwide as one of the most suitable ways to resolve disputes other than litigation. Due to that, there has sprung up many arbitration institutions in the world. The list given here just describes seven of these highly prominent and most famous arbitration institutions in the world.
7. The Chartered Institute of Arbitrators
It is a leading professional group of arbitrators worldwide. It champions the interests of arbitrators all over the world. Having presence in 150 countries, it has attracted over 14000 members. It seeks to solve civil disputes either through arbitration or mediation. Anyone in any profession or academic discipline is eligible to join the institute. However, there are different grades of membership that go along with one's individual skills, knowledge and experience. It was founded on 1st March 1915 by HC Emery(Solicitor and Chartered Secretary) who became the first Secretary General of the institute. Its first headquarters were at London. Since then, the institute has been working in the public interest promoting arbitration as the most suitable way to solve civil disputes.
6. The International Center for Settlement of Investment Disputes
It was established in 1965 to promote the solving of commercial and civil disputes through arbitration, conciliation and mediation. It was founded by the World Bank Group. Its headquarters are located at Washington D.C, U.S.A. By solving disputes through arbitration, the institute encourages international investment. Through a treaty drafted by the World Bank Group, it has membership of over 153 countries who are to enforce and uphold arbitral awards in accordance with the treaty. It mainly deals with issues on oil, gas, mining, electricity, transportation, construction, finance, trade and tourism industries. Up to date, the institute has handled about 390 civil disputes. Its day to day operations are carried out by the secretariat which has 40 employees and is led by the Secretary General. Meg Kinnear is currently serving as the institute's Secretary General.
5. The American Arbitration Association
It was founded in 1926 when the Arbitration Society of America and the Arbitration Foundation merged. Its headquarters are located in Newyork City. Its main object is to promote resolution of disputes through arbitration and other dispute resolution mechanisms apart from litigation. Apart from Newyork, it has offices in Miami, Houston and Singapore. Arbitrators are chosen in accordance with the institute's rules or the parties themselves chose an arbitrator.
4. The Hongkong International Arbitration Center
The institute is based in Hongkong and is dedicated to providing alternative dispute resolution services to the international community. It was founded in 1985 with assistance from the business community and the government of Hongkong. However, today the center is independent and operates on its own budget and funds. It is headed by the Secretary General who is its chief executive and registrar. It also has an international advisory board to provide guidance and advice to it on a policy level. Currently, the institute maintains one of the largest case loads on arbitration in the entire Asia-Pacific region.
3. The London Court of International Arbitration
It is the leading global organization for alternative dispute resolution proceedings worldwide, irrespective of the geographical location, legal system and jurisprudence of the parties. It has its own rules and arbitration proceedings which have to be followed by the parties. It was founded on 1891 as the City of London Chamber of Arbitration after the Court of Common Council of the City of London set up a committee to make proposals for the establishment of a tribunal for arbitration of domestic and transnational commercial disputes within London. In 1981, the institute changed its name to the London Court of International Arbitration to reflect the nature of its work which was by then predominantly international.
2. The Permanent Court of Arbitration
It is an arbitral intergovernmental organization headquartered at the Hague in Netherlands. Its main aim is to resolve disputes through arbitration between member states, intergovernmental organizations or private parties arising out of international agreements. There were two separate multi lateral conventions that helped constitute the institute. Currently, the institute has attracted membership of over 121 countries. The secretariat of the institute is the International Bureau which is chaired by the Secretary General. The bureau provides administrative support and research services.
1. The International Court of Arbitration
It is part of the International Chamber of Commerce and is dedicated to resolving international commercial disputes through arbitration. It was founded in 1923 by a Former French Minister of Finance who was its first President, Etienne Clemental. Its headquarters are located at Paris, France. Currently, it has attracted over 100 members drawn from around 92 countries. Since it being established, it has handled more than 500 cases.
It is quite evident that arbitration and other alternative dispute resolution mechanisms apart from litigation are here to stay no matter how metropolitan the world tends to be. This is evidenced by the huge framework of arbitration institutions in the world.