6th cis local counsel forum, almaty, kazakhstan june 22 24, 2011 dr. thomas rihm, partner thouvenin...
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6th CIS Local Counsel Forum Almaty, Kazakhstan June 22 – 24, 2011 Dr. Thomas Rihm Thouvenin Rechtsanwälte, Zurich Why arbitration at all ? application of foreign laws by state court doubtful confidentiality: full privacy of arbitration proceeding vs. potentially public hearings in state courts speed: final award cannot be challenged or only to a very limited extent (can be fully excluded for e.g. Swiss arbitration awards); state court awards in most countries subject to legal remediesTRANSCRIPT
6th CIS Local Counsel Forum, Almaty, KazakhstanJune 22 – 24, 2011
Dr. Thomas Rihm, Partner
Thouvenin Attorneys - at - LawKlausstrasse 33
8034 Zurich, Switzerland
Phone: +41 44 421 45 45 Fax : +41 44 421 45 00
E-mail [email protected]
www.thouvenin.com
6th CIS Local Counsel Forum
Why arbitration at all ?
6th CIS Local Counsel Forum Almaty, KazakhstanJune 22 – 24, 2011
Dr. Thomas RihmThouvenin Rechtsanwälte, Zurich
Why arbitration at all ?
• existence of arbitration clause excludes a jurisdiction of foreign courts (potential exemption: interim measurers)
• parties’ trust to their arbitrators vs. unknown foreign judges
• neutrality and capability of emerging markets state courts questionable
• private arbitrators more experienced in international business matters
• international languages accepted
6th CIS Local Counsel Forum Almaty, KazakhstanJune 22 – 24, 2011
Dr. Thomas RihmThouvenin Rechtsanwälte, Zurich
Why arbitration at all ?
• application of foreign laws by state court doubtful
• confidentiality: full privacy of arbitration proceeding vs. potentially public hearings in state courts
• speed: final award cannot be challenged or only to a very limited extent (can be fully excluded for e.g. Swiss arbitration awards); state court awards in most countries subject to legal remedies
6th CIS Local Counsel Forum Almaty, KazakhstanJune 22 – 24, 2011
Dr. Thomas RihmThouvenin Rechtsanwälte, Zurich
• well-known international procedures vs. pitfalls of local procedural laws
• avoidance of far-reaching Anglo-Saxon pre-trial discovery proceedings / witness cross-examinations
• no European-style limitations on evidence taking (IBA-Rules on Evidence Taking in International Commercial Arbitration)
Why arbitration at all ?
6th CIS Local Counsel Forum Almaty, KazakhstanJune 22 – 24, 2011
Dr. Thomas RihmThouvenin Rechtsanwälte, Zurich
• expensive: yes
• but consider otherwise available legal remedies; consider additional costs such as for travel of parties, witnesses and experts to far-reaching countries, less translation costs, risks and costs of enforcement
Potential disadvantages of arbitration
6th CIS Local Counsel Forum Almaty, KazakhstanJune 22 – 24, 2011
Dr. Thomas RihmThouvenin Rechtsanwälte, Zurich
Arbitration is market driven
• Institutional players
- ICC (International Chamber of Commerce)- LCIA (London Court of International Arbitration)- Rules of Arbitration and Conciliation (Vienna Rules)- Swiss Rules of International Arbitration- CIETAC (Chinese International Economic and Trade
Arbitration Commission)- SIAC (Singapore International Arbitration Centre)