BHP Billiton’s Vice President of Litigation, Mr Damian Lovell welcomed the introduction of the new ACICA Arbitration Rules designed to speed up the resolution of cross border and international commercial disputes.
Mr Lovell said that they saw international arbitration as an integral part of their global dispute resolution strategy. He commended the ACICA's initiative in producing these rules which were consistent with this strategy.
Professor Doug Jones the president of the ACICA also said that the servicing of cross-border dispute resolution was a billion-dollar business. Now that the legislative, regulatory and procedural reforms were in place, the country was an attractive destination to resolve global business disputes.
Malcolm Holmes QC, the Chair of the ACICA Rules Committee said that one of the concerns expressed by the international business community is that arbitration needs to provide means of granting protective measures. A party to a dispute may need to ensure that the other party refrains from taking certain actions before the dispute has been heard. For instance, one party may wish to prevent the other party from destroying evidence, or it may seek to ensure that the other party continues to perform its obligations under an ongoing contract.
Clayton Utz Head of Major Projects and International Arbitration, Professor Doug Jones said that Australia was well placed to meet the growing demand for first-rate, cost-effective arbitration services especially in the Asia Pacific region.