-as part of efforts to make Guyana hub for commercial dispute resolution

A “MODERN” Arbitration Bill will next month be introduced to the National Assembly to help push Guyana’s goal of becoming a hub for commercial dispute resolution in the Caribbean and possibly Central America.

Attorney-General and Minister of Legal Affairs, Anil Nandlall, S.C., announced this initiative as part of the government’s ambitious legislative agenda which aims to bolster the country’s development.

The proposed Arbitration Bill is designed to make Guyana an attractive destination for arbitration, promoting efficient and confidential dispute resolution.

Arbitration is a form of alternative dispute resolution (ADR). It is a private procedure, whereby parties involved in a dispute submit the dispute to one or more arbitrators, mutually agreed upon, and the arbitrator makes a legally binding decision on the matter.

Because of the adversarial nature of the court system, it is usually a last-resort option for the commercial industry and arbitration is extensively preferred, because of its confidential and time-saving nature.

“This law is intended to make Guyana an attractive destination for arbitration,” Nandlall said, as he explained that the bill will be laid in parliament next month.

The Attorney General during his online programme ‘Issues in the News,’ explained that the Arbitration Bill will also help to resolve disputes in Guyana’s oil and gas sector, which will give Guyana a cutting-edge legal system that supports the nation’s rapid and far-reaching developments.

“To be taken to the parliament is the most modern Arbitration Bill in the Caribbean. In fact, it is described as a CARICOM model, because we intend to make Guyana an arbitration capital of not only the Caribbean but [also] possibly Central America,” the AG said.

Currently, Guyana does not possess the modern arbitration infrastructure required to meet international best practices.

“We intend to change that. The arbitration industry alone is a multi-billion-dollar industry,” he added.

To support this upcoming Arbitration Bill, the AG pointed out that a series of training exercises had commenced last year for professionals and members of the judiciary and private sector. The public too, the AG added, will have to be sensitised about the role and importance of arbitration.

The Government of Guyana has already established an Arbitration Unit which includes members from the Attorney General’s Chambers, the Bar Association of Guyana, the Private Sector Commission and the Berbice Bar Association.

This Arbitration Unit will liaise with the Judiciary and key stakeholders at periodic intervals, as this initiative is part of the Government of Guyana’s declared intention to create a modern infrastructure for the arbitration and conciliation of commercial disputes in Guyana.

Since being elected to office, the People’s Progressive Party/Civic (PPP/C) government has embarked on a rigorous agenda to transform Guyana’s archaic legal sector by updating outdated legislation and crafting a modern legal architecture.