A number of speakers at a forum organized by the Kuwaiti Bar Association touted the merits of arbitration when dealing with disputes over commercial contracts.
Speaking at the forum which was also co-organized by the GCC commercial arbitration center, Judge Sultan Bouresli considered the system of arbitration a useful way to settle disputes regarding the construction of large projects or their operation or the changeover in their ownership.
The B.O.T. system being widely adopted by countries in the region and that it was a viable approach toward implementing massive development projects involving many complicated Legal aspects. Arbitration was aptly-placed to deal with problems arising from B.O.T.-related disputes.
Another speaker at the forum, secretary general of the GCC arbitration center Nasser al-Zaid, underlined the center’s emphasis on spreading the culture of amicable arbitration among businesses. Fair use of arbitration in the field of business, would attract foreign investors to the Gulf region because they would be assured that none of their Legal rights would be jeopardized in any kind of a business deal.
Commercial arbitration supports existing Legal channels to bring resolution to disputes among businesses. Governments in the region, as well as the private sector, deal with vital business contracts that help in the development of societies through the building of infrastructure projects and providing employment for their citizens. When these contracts run in trouble, it is often speedier and easier and less costly to remedy the trouble through commercial contract arbitration.
The forum discussed the merits of arbitration, the system of B.O.T. and the pros and cons about it, and other topics related to business law.