Patterson Belknap Webb & Tyler LLP
  June 20, 2011 - New York

Task Force on New York Law in International Matters

Since the mid-1620s when the Dutch settled in Manhattan, New York City has been a diverse, multicultural, international center for trade, commerce and finance. As a result of the role New York has played in the global community for more than three centuries, parties often select, and specify, the law of New York as the governing law in their agreements. Its rationality, consistency and stability provide an invaluable foundation for legal and business relationships the world over.

Frequently resolving matters involving parties from around the globe, New York courts — state and federal — are recognized as fair and impartial regardless of the nationality of the parties before them. New York offers cost efficiency in addition to justice in the resolution of disputes. The New York courts are also “arbitration friendly” and support unequivocally the enforceability of arbitration agreements and awards.

New York plays host to many of the most respected arbitration and alternative dispute resolution institutions, including the International Center for Dispute Resolution, the CPR International Institute for Conflict Prevention and Resolution, JAMS and JAMS International, and the ICC’s U.S. Council for International Business. Thanks to its historical role as a global commercial center, New York is also home to experienced arbitrators and mediators, as well as a significant center for international law firms well versed in every aspect of arbitration. The experience of New York arbitrators includes significant financial and commercial matters. The pages that follow explain the reasons why it is in their interest for parties to choose New York governing law in their cross border agreements and to select New York as the forum for the resolution of international disputes.

Ultimately, parties want predictability and fairness in their business relationships, and neutrality and justice in the resolution of their disputes. In the twenty-first century, as in the seventeenth, that is precisely what New York offers.

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