Thursday, June 4
09.40 - 09.50
Hall B, CCH
In the age of globalisation law is an important factor in determining economic competitiveness. Our laws protect private property and civil liberties, and they guarantee social harmony and economic success. This not only applies to substantive law, but also to procedural rules which determine how rights are protected and exercised.
The paper will elaborate on these rules, set out how they can be chosen by parties to a contract and describe the criteria to be considered when a procedural law is selected. Further to an efficient court system committed to due process and the rule of law, there is good reason that arbitration plays an important role as an internationally accepted, predictable and affordable tool for alternative dispute resolution. The paper will highlight some of the most important distinctions between the procedural principles of common law and civil law. The advantages of the procedure under the German Maritime Arbitration Association will be explained as will the issues to consider when opting for these arbitration rules.