Alexandre de Gramont Crowell & Moring LLP CPR 2009 Annual Meeting New York City January 2009...
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Alexandre de Gramont Crowell & Moring LLP CPR 2009 Annual Meeting New York City January 2009 PROPOSED U.S. ARBITRATION REFORM AND THE THREAT TO INTERNATIONAL ARBITRATION
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Transcript of Alexandre de Gramont Crowell & Moring LLP CPR 2009 Annual Meeting New York City January 2009...
Alexandre de GramontCrowell & Moring LLP
CPR 2009 Annual MeetingNew York CityJanuary 2009
PROPOSED U.S. ARBITRATION REFORM AND THE THREAT
TO INTERNATIONAL ARBITRATION
Crowell & Moring LLP Washington, DC · New York · California · London · Brussels 2
International arbitration is no more a “type” of arbitration than a sea elephant is a type of elephant. True, one reminds us of the other. Yet the essential difference of their nature is so great that their similarities are largely illusory.
-- Jan Paulsson, “International Arbitration Is Not Arbitration,” John E.C. Brierly Memorial Lecture, McGill University, May 28, 2008
Crowell & Moring LLP Washington, DC · New York · California · London · Brussels 3
The Fundamental Difference
•Domestic arbitration is an alternative to domestic litigation.
•International arbitration is a necessity.
– The only neutral and impartial way for international parties to resolve their disputes.
Crowell & Moring LLP Washington, DC · New York · California · London · Brussels
Crowell & Moring LLP Washington, DC · New York · California · London · Brussels 4
The Fundamental Difference
• Mexico• China• Korea• Taiwan• Brazil• Malaysia• United Arab Emirates
• Venezuela• Colombia• Thailand• Chile• Philippines• Russia
Top thirty U.S. trade partners (measured by U.S. exports) include:
Crowell & Moring LLP Washington, DC · New York · California · London · Brussels 5
The Fundamental Difference
• It is far easier to enforce an arbitration award internationally than a judgment.
• UN Convention on the Recognition and Enforcement of Foreign Arbitral Awards (1958) has been ratified by nearly 150 nations.
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The Success of International Arbitration
• 81% of the cases result in settlement or voluntary compliance with the arbitral award.
• Most parties are able to enforce within one year and usually recover more than 75% of the value of the award.
• 86% of corporate counsel said they were satisfied with international arbitration.
- Price WaterhouseCoopers, International Arbitration: Corporate Attitudes and Practices 6 (2008)
Crowell & Moring LLP Washington, DC · New York · California · London · Brussels 7
“While we have experienced commercial arbitration in domestic trade for many years and this has been successful and helpful in a variety of ways, I suggest that arbitration in international commerce is really of a wholly different order of importance. Here to get effective and reasonably predictable and fair resolutions arbitration has become essential in a way it never has been in domestic matters.”
-- Nicholas de B. Katzenbach, “Business Executives and Lawyers in International Trade,” in Sixty Years of ICC Arbitration: A Look at the Future 67, 67-68 (ICC Int’l Court of Arbitration ed., 1984)
Crowell & Moring LLP Washington, DC · New York · California · London · Brussels
