–           Set to enhance commercial dispute resolution

GUYANA is set to become a hub for commercial dispute resolution in the Caribbean and the wider region, as the National Assembly passed the Arbitration Bill on Friday evening.

Minister of Legal Affairs and Attorney General, Anil Nandlall, S.C. during his address, said this bill is part of the government’s ambitious legislative agenda to bolster the country’s development.

“This bill is flexible. It is modern and it is what we need in Guyana,” Nandlall said.

After the bill was considered by the committee, it was subsequently passed by the National Assembly.

The Arbitration bill is an act to facilitate domestic and international arbitration by encouraging the use of arbitration as a method of resolving disputes.

Set to establish Guyana as a hub for commercial arbitration, as well as facilitate job creation and revenue generation, the Bill provides guidelines for domestic and international arbitration.

Arbitration is a form of alternative dispute resolution that sees the parties involved in a dispute agreeing to have the case heard by one or more arbitrators entrusted with making a legally binding decision on the matter.

According to Nandlall, the act itself is about 150 years old, which the new bill will repeal.

This new bill is the first incarnation of a model Caribbean legislation recently produced. But most importantly, it has had the input of many arbitration experts in the United States of America, including two of the more established law firms in North America.