This was our very first case against a US-based company where we were able to reach a settlement agreement before arbitration cost went out of control,” remarked the Chinese counsel from a very reputable firm in Beijing, with a touch of pride and surprise. In this recent case at the International Centre for Dispute Resolution (ICDR), where the Chinese company had filed for arbitration against a US company, both parties were able to reach a settlement agreement.
The counsel’s remarks were by no means isolated. In recent years, arbitration has become a luxury that only a select few corporations can enjoy due to high costs and not so speedy procedures.
Instead of seeking to justify the costs, the industry must take a closer look at the composition of the industry as a whole and identify all the problematic areas that need improvement and renovation. In large part, three groups are responsible for the industry: institutions, arbitrators and practitioners.
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The author, Michael Lee, is a vice president of the International Centre for Dispute Resolution and head of the centre’s Asia regional office in Singapore
