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Cayman arbitration law has evolved considerably in recent years in order to meet the changing needs of the international business community and increasing use of alternative means of dispute resolution. The Arbitration Law, 2012 (the “Law”), which has recently come into force, brings Cayman law in this area into line with internationally recognised standards.
Arbitration is a private and confidential process and can provide for the quick, practical, economical and binding settlement of cross-border disputes. It is increasingly common for commercial agreements to contain an arbitration or mediation clause designating the Cayman Islands as the venue for the dispute resolution process. Conducting an arbitration in Cayman allows the parties to take advantage both of the benefits afforded by relevant Cayman legislation and the expertise of its panel of arbitrators.
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Arbitration Law Changes for the Cayman Islands