Though modelled on the Model UNCITRAL law, Caymanese arbitration legislation does have several distinctively “Caymanese” features. So, let’s analyze some of them, including requirements for concluding arbitration agreements in the Caymans & requirements for arbitration sites & arbitrators’ number.
Caymans: Arbitration Agreements
To be deemed legal & valid, agreements must be drafted in written form & bear signatures of all parties involved. If, prior to signing an arbitration agreement in a Caymanese jurisdiction, participants in the arbitration process orally agreed on a specific set of conditions (arbitration clauses included) & committed them to paper, the said arbitration clauses are deemed written agreements in & of themselves.
Settling Disputes in a Caymanese Jurisdiction: Selecting Arbitrators
If there’s no clause regarding arbitrators’ appointment, participants may agree among themselves on who their arbitrators will be & how many of them they will appoint. If there’s no agreement between them in this regard or they’ve failed to include any relevant clauses in their written agreement, then their only remaining option will be to refer to Caymanese arbitration legislation. According to it, resolving a dispute through arbitration in a Caymanese jurisdiction involves appointing one arbitrator by default. Also, if there’s no agreement between the participants about appointing arbitrators, arbitrators for them can be appointed by the country’s High Court. Appointing arbitrators is pivotal on a number of factors, namely:
- dispute’s subject;
- arbitrators’ availability;
- parties’ suggestions;
- arbitrators’ qualifications;
- other factors capable of influencing appointment of unbiased & independent arbitrators.
It is possible to contest arbitrators’ appointment if they fail to meet participants’ qualifications, are in poor health or decline to administer arbitration proceedings in a Caymanese jurisdiction.
Participants are at liberty to select their own arbitrators or they can request that arbitrators be appointed for them by a court. Parties are able to select arbitrators from any country and aren’t limited to only Caymanese arbitrators. That said, Caymanese arbitrators are highly professional & capable of meeting the requirements of participants intending to settle a dispute through arbitration in a Caymanese jurisdiction.
Appealing Verdicts of Cayamanese Arbitration Courts
Parties may appeal awards granted by Caymanese arbitration courts. Under Cayamanese arbitration legislation, a number of factors must be taken into account by the court prior to granting permission to appeal.
Appealing awards granted by Cayamanese courts is only possible after obtaining permission of two courts - Supreme & Appellate. However, the latter can only give its permission if the matter under consideration has a common meaning or if there’s a special reason why it should look into it.
Arbitration in the Cayman Islands is a relatively easy & cost-effective way of resolving any commercial disputes parties may have. However, to ensure the result you want, you may need to enlist the help of highly qualified legal advisors. And that’s where IQ Decision UK comes into the picture. Our legal assistants will be happy to give you a hand with any legal issue you’re facing at the moment, including settling a dispute through arbitration in the Caymans.