International Commercial Arbitration at Falkland Islands (BOT)
Here’s an overview of International Commercial Arbitration in the Falkland Islands (British Overseas Territory - BOT):
International Commercial Arbitration in the Falkland Islands
1. Legal Framework:
The Falkland Islands, as a British Overseas Territory (BOT), follow a legal system based on English common law.
Arbitration in the Falkland Islands is governed by the Arbitration Ordinance 2017, which is largely modeled on the UNCITRAL Model Law on International Commercial Arbitration.
The Ordinance applies to both domestic and international commercial arbitration.
2. Arbitration Institutions:
The Falkland Islands do not have a dedicated arbitration institution.
Parties usually rely on ad hoc arbitration or refer disputes to international arbitration bodies such as:
The London Court of International Arbitration (LCIA),
The International Chamber of Commerce (ICC),
Or others agreed upon by the parties.
3. Arbitration Procedure:
Arbitration agreements must be in writing.
Parties can freely agree on arbitrators, procedures, and the seat of arbitration.
Arbitration proceedings are confidential.
The courts of the Falkland Islands will generally support arbitration, including enforcement of awards and minimal judicial intervention.
4. Enforcement of Arbitral Awards:
The Falkland Islands are not a party to the New York Convention (1958).
However, under the Arbitration Ordinance, domestic arbitral awards are enforceable through the courts.
Enforcement of foreign awards depends on local court recognition, which is influenced by the common law principles and reciprocity.
5. Practical Considerations:
Due to the lack of a local arbitration institution and non-membership in the New York Convention, parties often choose to seat arbitration in London or another recognized jurisdiction for ease of enforcement.
Arbitration clauses involving Falkland Islands entities often specify international rules and neutral seats.
The legal framework is modern and arbitration-friendly, consistent with English law standards.
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