New Arbitration Act 2010
by Killian O'Reilly
The new Arbitration Act came into force on 8 June 2010 and applies to all arbitrations commenced after that date.
The old Arbitration Acts of 1954 and 1980 continue to apply to any arbitration commenced before that date.
The purpose of the new Act is to consolidate and simplify the arbitration process.
The new Act adapts and incorporates the UNCITRAL (United Nations Commission on International Trade Law) Model Law, which is the internationally accepted standard for arbitrations.
The new Act modernises and streamlines the existing arbitration framework. It is hoped that the changes will refine the process and reinvigorate arbitration as a speedy and cost effective remedy to commercial disputes.
The main changes are as follows:
- Increased jurisdiction and procedural powers afforded to Arbitrators;
- Arbitrators are required to provide reasons for their awards;
- There are increased restrictions on parties referring aspects of an arbitration to the High Court;
- There are increased restrictions on parties challenging awards in the High Court;
- One High Court Judge will be appointed to deal with any applications relating to arbitrations; and
- Improvement of consensual approach.
A common theme in the new Act is that there is limited recourse to the High Court. This is designed to streamline the process and minimise any delays that can arise from referrals to Court.
Contracts for the sale of land and employment disputes are excluded from the scope of the new Act.
Together with mediation and conciliation, arbitration provides a valuable alternative to litigation in the respect of commercial disputes.
Feel free to contact Killian O’Reilly or Declan Devereux for further details.