Bahamas Confident Of Arbitration Expertise
by Mike Godfrey, Lowtax.net, Washington
18 August, 2015
The Bahamas Branch of the Chartered Institute of Arbitrators has reported a steady increase in the number of local professionals who can provide domestic and international arbitration and alternative dispute resolution services.
Earlier this year, the Bahamas Government announced support for the private sector to develop the territory into a center for international arbitration, including with the launch of training and partnership initiatives with the Bahamas Bar Association, the Bahamas Chamber of Commerce, the local chapter of the Chartered Institute of Arbitrators, and the University of Miami.
The Minister of Financial Services, Hope Strachan, said at the time that "the success of an arbitration center will be determined primarily by the skill and expertise of the arbitrators, and therefore our focus is not only on leveraging arbitration for economic development, but also on capacity building."
Now, Bahamas Institute Chairman Richard Demeritte, is convinced that the territory has the required expertise, after five years of fostering the sector's development since the chapter's formation in 2010. He said: "We want the region to know that The Bahamas is a viable seat for international commercial arbitration where critical matters of both international and domestic concern can be arbitrated. We have a highly trained and skilled professional body, including members of the judiciary, accountants, architects, engineers,lawyers and such, and we are as well-equipped as any arbitration center in other financial centers around the globe."
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