The British Virgin Islands’ (BVI) government has announced by proclamation that the Arbitration Act 2013 will come into force on 1 October 2014. The stated intention has been to bring the Act into force at the same time as the BVI IAC Arbitration Rules 2014. It promises to be a significant legislative milestone which is expected to generate alternative dispute resolution in the BVI, positioning the jurisdiction for development as an international arbitration centre.
It is expected to incorporate the following key features:
Incorporation of the UNCITRAL Model Law into the Act -
The Act is modelled on the UNCITRAL Model Law on International Commercial Arbitration as adopted by the UN Commission (on 21 June 1985) and further amended (7 July 2006), which provides rules on arbitration proceedings and is recognised internationally by many countries. The incorporation of the UNCITRAL model law into the Act will ensure that BVI arbitration will be conducted according to international standards and arbitrations in the BVI will also be recognised in virtually every country in the world.
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