Hong Kong is an active, impartial and efficient arbitration venue
The Hong Kong Maritime Arbitration Group (“HKMAG”)1 has read the article entitled “Companies consider writing Hong Kong out of legal contracts” published in the “Financial Times” on 31 January 2021 and comments as follows.
HKMAG fully endorses and echoes the views expressed by the Hong Kong International Arbitration Centre in its statement dated 29 June 20202 on the neutrality and effectiveness of Hong Kong as an international arbitration venue. Such views remain valid and relevant today.
HKMAG needs hardly emphasise that arbitration is a consensual dispute resolution process. Disputes are resolved by arbitrators appointed by parties at their own will or at the behest of independent bodies which administer various arbitration associations or institutions. Arbitrators of a Hong Kong seated arbitration have a statutory duty under the Arbitration Ordinance (Cap. 609) to act fairly and impartially as between the parties.
In the context of maritime arbitration, Hong Kong has long earned a global reputation for providing impartial and efficient arbitration services for resolving maritime disputes. The recent inclusion of Hong Kong as one of the arbitration venues in the BIMCO2 Law and Arbitration Clause 2020 speaks volumes as to the international recognition of Hong Kong as a preferred arbitration venue4.
HKMAG
8 February 2021
1. HKMAG is a non-profit making arbitral organisation registered in Hong Kong in 2019, originally established in 2000 by a group of maritime professionals with diverse backgrounds, expertise and industry experience. The multi-national members of HKMAG are interested in maritime dispute resolution, enjoying commercial or legal experience in shipping and related disciplines and with extensive knowledge of and experience in international arbitral processes.
2. https://www.hkiac.org/news/hong-kong-remains-neutral-and-effective-seat
3. Reference to BIMCO’s website (https://www.bimco.org/) confirms it to be probably the most well-known shipping NGO in the world. It has around 1,900 corporate members in 120 countries, mainly shipowners, charterers, insurers, protection & indemnity clubs, agents, law firms and other shipping organisations. BIMCO’s goal is to secure a level playing field for the global shipping industry. One of its important tasks is to devise and promote the use of standard contracts and clauses, including the venue and jurisprudential provisions of arbitration.
4. https://www.hkmag.org.hk/news/2020/10/6/bimco-law-and-arbitration-clause-2020