MEDIA RELEASE PR40748
Australia's First Global Disputes Centre Opens in Sydney
SYDNEY, Australia, Aug. 10 /Medianet International-AsiaNet/ --
Australia is set to become a global player in the booming market for cross border
dispute resolution following the opening of the Australian International Disputes
Centre in Sydney.
Jointly funded by the Australian and NSW state governments and Australia's only
international arbitration administrator, the Australian Centre for International
Commercial Arbitration, the state of the art facility will allow national and foreign
companies to resolve commercial disputes outside the court system without resorting
to costly and lengthy litigation.
A PricewaterhouseCoopers survey, 'International Arbitration: Corporate attitudes
and practices', revealed 73% of corporations prefer to use arbitration to resolve
their cross-border disputes rather than transnational litigation and saw arbitration
as a means to successfully preserve business relationships.
ACICA President and Head of Clayton Utz's International Arbitration and Major
Projects Group, Professor Doug Jones AM said: "International arbitration has emerged
as the process of choice for businesses in the global economy. Investors want to
avoid the uncertainty of litigation in a foreign court system with the associated
lack of familiarity over processes and in some cases excessive time and costs. The
decision concerning Chevron Corp is a recent example." added Jones.
(In March Chevron Corp was awarded US$700 million by The Hague-based Permanent
Court of International Arbitration that ruled in favor of its claim against Ecuador
over past operations at its Texaco unit. The tribunal found that Ecuador's courts
delayed rulings on a contract dispute between Texaco and the Ecuadorian government,
thus violating international law. Chevron was awarded principal damages and interest
as of 22 December, 2006, pending further proceedings to determine taxes, interest and
costs. The ruling marked a victory for the USA's second-largest energy company
following four decades of escalating disputes over oil production in the South
American nation.)
The centre has been endorsed by Australian business with Chief Executive of the
Australian Industry Group, Mrs Heather Ridout saying: "Commercial disputes are a
reality of doing business; minimising them and resolving them well is the key. The
centre's emphasis on providing a world class facility and capability for resolution,
will be strongly welcomed and supported by Australian and regional business."
International lawyer, Michelle Sindler has been appointed the inaugural Chief
Executive of the Centre.
Ms Sindler returns to Australia after a successful practice in international
arbitration and dispute resolution in Europe. AIDC's Chairman, the Hon Trevor Morling
QC said: "Michelle has an impressive background in alternative dispute resolution,
with a particular focus on international arbitration. The Board unanimously agree
that she will be an asset to the Centre."
The Centre was officially opened by the Australian Attorney General Robert
McClelland and NSW State Attorney General John Hatzistergos in the presence of Chief
Justice of the Federal Court of Australia Patrick Keane, Chief Justice of the Supreme
Court of NSW James Spigelman and other distinguished guests.
Ends
Media Contact:
Gianna Totaro
+61 438 337 328
GiannaTotaro@disputescentre.com.au
About the Australian International Disputes Centre (AIDC)
The Australian International Disputes Centre is Australia's premier dispute
resolution venue. Established in 2010 with the assistance of the Australian
Government and the Government of the State of New South Wales, the Centre houses
leading ADR providers which include the Australian Centre for International
Commercial Arbitration (ACICA), the Chartered Institute of Arbitrators (Australia)
Limited (CIArb), the Australian Maritime and Transport Arbitration Commission (AMTAC)
and the Australian Commercial Disputes Centre (ACDC). The Centre offers a premier one
stop full alternative dispute resolution service including panels of accredited
SOURCE: Australian International Disputes Centre
Translations:
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