The New York Times reports: New York "has long been a major site for global arbitration proceedings"; city is "burnishing its arbitration credentials" with NYIAC
In a Dealbook article, reporter Elizabeth Olson writes:
“…New York has long been a major site for global arbitration proceedings because its contract law is predictable and does not allow for appeals on specious grounds.
Proprietary research for the New York State Bar association projected that an increase of 10 to 20 percent in such proceedings in the city could add as much as $400 million annually to law firm coffers.
[...] New York is also burnishing its arbitration credentials. Last year, the New York International Arbitration Center opened in Manhattan, as a space where arbitrators can hold hearings to examine the facts and settle cross-border grievances. Some 37 law firms funded the site.
The center, which celebrated its first anniversary in June, has hosted some 20 hearings so far. Most involved commercial arbitrations between two private parties involving issues such as oil and gas, construction and intellectual property, and one dispute arose from a bilateral investment treaty where investors could invoke arbitration in a dispute with governments and governmental entities.
The opening of an International Chamber of Commerce office in Manhattan this year is also likely to help funnel more cases to New York. Thus far, the cases filed increasingly involve parties from North America, said Alexandra Dosman, the center’s executive director, adding that this “reflects the importance of the American market, and that it’s growing.””
Read the article here.
ICC Releases 2013 Statistics: New York Most Favored Seat in the U.S.
New York is Seat in 63% of New U.S. Cases
The International Court of Arbitration of the International Chamber of Commerce (“ICC”) has published its 2013 Statistical Report (abstract here; subscription required for full access). The statistics reflect New York’s dominance as an arbitral seat within the United States, with 63% of all U.S. ICC cases seated in the city. The report also shows that parties chose New York law to govern their disputes in a majority of cases under U.S. law. The highlights:
- The ICC Secretariat registered 767 new cases in 2013; of those, 22.8% involved parties in the Americas.
- U.S. parties were involved in 8.2% of all ICC arbitrations in 2013, ahead of parties of German nationality at 6.6%.
- New York is one of the six most popular arbitral seats worldwide, along with Paris, London, Geneva, Zurich and Singapore.
- New York was chosen as the seat in 63% of U.S. cases.
- New York law was chosen to govern the parties’ disputes in 52% of cases, ahead of California and Texas at 13% each and twelve other states at 2% or 3% each.
NYIAC is a proud supporter of the
3rd Annual GAR Live New York Conference
September 19, 2014
Speakers to include:
Jose Astigarraga, Astigarraga Davis
Julie Bédard, Skadden, Arps, Slate, Meagher & Flom
John Fellas, Hughes Hubbard & Reed
Paul Friedland, White & Case
Mark Friedman, Debevoise & Plimpton
Miriam Harwood, Curtis Mallet-Prevost Colt & Mosle
Jean Kalicki, Arnold & Porter
Loftis, Vinson & Elkins
Wendy Miles, Wilmer Cutler Pickering Hale and Dorr
Annette Magnusson, Arbitration Institute of the Stockholm Chamber of Commerce
Klaus Reichert SC, Brick Court Chambers
Panel Discussions will feature :
♦ The Year in Review
♦ GAR Live Symposium
♦ Innovation in International Arbitration
♦ Witness Examination: Is there a point?
When: September 19, 2014, 9am – 6pm
Where: University Club: One West 54th Street New York, NY 10019
For more information, and to register, click here
NYIAC members, e-mail firstname.lastname@example.org for special discount!