To maximize the advantages of institutional arbitration, corporate counsel should choose an institution that gives them control over the process, says Michael Lee of ICDR-Singapore
“The arbitration clause is important but we generally spend the majority of our time negotiating the essential terms of contract.” This comment by a general counsel of a well known electronics company illustrates the stark reality about the arbitration clause: it is overlooked at the start of a business negotiation, but is inevitably the first section of a contract that corporate counsel look up when a potential dispute surfaces.
The following will help reverse this situation and ensure that companies are ready to tackle disputes when they emerge.
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Michael Lee is the head of ICDR’s Asia office in Singapore. ICDR is the international division of the American Arbitration Association, one of the world’s largest, oldest and best known arbitral institutions. The author also serves as a co-chair of the Legal Committee for the American Chamber of Commerce in Singapore.