NCCSL, SLNAC highlights importance of arbitration
Arbitration is a different process to resolve commercial matters and
the National Chamber of Commerce of Sri Lanka (NCCSL) in collaboration
with the Sri Lanka National Arbitration Centre (SLNAC) is working
towards creating awareness of the importance of arbitration in the
shipping, export and import sectors, said member of the Board of
Governors of Sri Lanka National Arbitration Centre and Chairman,
Shipping, Ports and Aviation Committee of the National Chamber of
Commerce of Sri Lanka Sujeiva Samaraweera.
records 82 percent success
* Sri Lanka could be developed as a regional
* Arbitration a multi-million dollar industry
It is important to include a clause in the contract as a
precautionary measure to avoid legal proceedings which take a longer
time to resolve in the event of a dispute.
Arbitration is a process that is conducted privately and
confidentiality is assured. The Centre has recorded a success rate of 82
percent and we need to improve the level of efficiency, he said.
The SLNAC, the first and the most senior institution in the country
in the administration of arbitrations to resolve commercial disputes was
set up in 1985.
SLNAC Chief Legal Advisor and Attorney-At-Law Hiran de Alwis said
that Sri Lanka is governed by the Arbitration Act 1999.
In terms of the Act we seek to enforce the New York Convention, an
international treaty signed by over 100 countries. It is considered the
most important commercial law treaty, he said.
Industrialists must be aware of their legal rights and should include
a properly draft arbitration clause to ensure arbitration management.
Arbitration is a more expeditious dispute resolution process and the
award is fully valid in law, he said. Sri Lanka could be developed as a
regional arbitration hub. We have the potential as the country is free
The Centre seeks the support of the stakeholder to rectify the
shortcomings. Arbitration is internationally a multi-million-dollar
industry and if the country could be promoted as a venue for
international arbitration it could benefit immensely, he said.
The fundamental responsibility of the SLNAC is to popularize the
operation and practice of arbitrations functioning as a facilitator,
registrar and coordinator providing accommodation, secretarial services
and other attendant facilities.
Three fully air-conditioned chambers are available to conduct
sittings with adequate modern comfortable seating along with suitable
table arrangements. If five star hotels are required to hear
international arbitrations arrangements could be made to provide all