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Arbitration

Description

The modernisation of the Arbitration Law (2001 Revision) of the Cayman Islands and to make it more user-friendly and promote the use of alternative dispute mechanisms in the resolution of disputes.

Terms of Reference

The Law Reform Commission placed the review of arbitration on its law reform agenda pursuant to a referral from the Attorney General in January 2009. The general purpose of the arbitration reform was to modernise the Arbitration Law (2001 Revision) of the Cayman Islands and to make it more user-friendly.

The critical element of the modernisation related to ensuring that the law provided for party autonomy in the arbitration process and limited judicial intervention. The proposals sought to establish a unitary regime of arbitration based on the UNCITRAL Model Law on International Commercial Arbitration for all types of arbitration in the Cayman Islands, thereby abolishing the distinction between domestic and international arbitrations.

Outcomes

The Final Report of the LRC was accepted by Cabinet and subsequently the Arbitration Law 2012 was enacted and came into force on 2nd July, 2012