ICLP Arbitration Centre introduces fast track arbitration

by Sarath Malalasekera

Since the enactment of the Arbitration Act, No. 9 of 1995, Arbitration Centre of the Institute of Commercial Law and Practice (ICLP), a Non-profit corporation has initiated several training programmes to develop a new culture of low cost, modern arbitration.

Several Training Programmes relating to arbitration in leasing, maritime disputes have been conducted by the ICLP Arbitration Centre. Regular breakfast meetings were conducted on important business related issues where national and international experts participated.

The fast track arbitration rules will enable the Business Community to arbitrate claims less than Rs. 2 million expeditiously within a period of three months.

The Arbitrators would receive a lump sum fee as a payment for the arbitrations.

The new expedited Arbitration Rules would form an addendum to the ICLP Arbitration Rules and the disputants could opt for fast track arbitration on their commercial agreements.

The Centre conducted a successful Diploma Course in Commercial Arbitration in 2004/2005 for thirty professionals with the leading commercial law experts serving as lecturers and examiners. An International Arbitration expert from Sweden participated as a resource person in the Diploma Course.

The second Diploma Course in Commercial Arbitration will commence on November 5 at the ICLP at 61, Carmel Road, Kollupitiya, Colombo 3.