In 2010, the New York State Bar Association’s
(NYSBA) Task Force on New
York Law in International Matters (Task
Force) recommended the creation of a permanent
center for international dispute
resolution in New York.1 And on June 17,
2013, the New York International Arbitration
Center (NYIAC), a non-profit providing
world-class arbitration facilities and
educational programs about international
arbitration, opened its doors. NYIAC hosted
its first arbitration hearings a month
later. These two watershed events marked
a new era for international arbitration in
New York.
NYSBA created the Task Force to conduct
a systematic review of the use of New
York law as an international standard and
the role of New York as a neutral forum
for resolving international disputes, and
to formulate proposals to encourage parties
to use New York as a forum for the
resolution of disputes. A thorough analysis
by the Task Force found New York to be
an ideal venue for international dispute
resolution. New York is widely recognized
as having an established, well-developed,
and stable body of commercial law that
is ideally equipped to deal with disputes
arising out of complex transactions.
The
New York courts fully support the U.S.
Supreme Court’s pronouncement that there is
“a national policy in the United States favoring
arbitration.” Consistent with that policy, New
York courts strictly enforce arbitral awards, and have a longstanding reputation for neutrality
in international disputes. In addition, New
York arbitral proceedings can be structured to
streamline the discovery process and focus
on developing claims and defenses early on,
thereby promoting cost-effective and convenient
adjudication. New York courts act as adjuncts
to arbitral proceedings and “will assist in the
appointment of arbitrators, issue attachments
in aid of arbitration, grant preliminary injunctions
and issue anti-suit injunctions to prevent
parties from engaging in competing parallel proceedings.” In line with one of the Task Force’s
recommendations to encourage consistent and
supportive court decisions and to streamline
proceedings, the Chief Administrative Judge of
the New York Courts recently designated a single
justice to hear all international arbitration
cases before the Commercial Division of
the Supreme Court in New York City. |