Need for the Australian Centre for International Commercial Arbitration (ACICA) Rules and the International Arbitration Act (IAA) to be revised to include Arb-Med or other means to encourage early settlement of disputes

Abstract

In the present paper a very prominent question has been addressed if there is a need to reform Australian Center for International Commercial Arbitration (ACICA) or in a more broader perspective International Arbitration Act(IAA) for facilitating early settlements of disputes in order to establish Australia as a preferred seat for resolving disputes. The paper takes a multi-dimensional approach, it sets the background and analyses the consequences of the problem. It takes inspiration from other nation states where arbitration rules with  regard to Arb-Med are very effective i.e. Singapore and Hong Kong particularly. It then tries to suggest means and measures by which ACICA and IAA can be made more effective and how the reforms of ACICA and IAA revised rules can benefit Australia in wider context of economy and as the centre of international commercial arbitration legal system in the Asia –Pacific region .