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Jul 24, 2014

National Commercial Arbitration Center Sets Firm Foundation


By Billie Jean Slott

Cambodia’s National Commercial Arbitration Center (NCAC) took major steps to become a fully-functioning institution on July 11, 2014 when the General Assembly approved, according to international standards, the NCAC’s Internal Regulations, Rules for Arbitration, a budget and a Financial Policy and Procedures Manual, with provisions for the independence of the center. The decisions were taken at the NCAC’s first annual General Assembly, comprising both the Center’s arbitrators and representatives of nine business associations operating in the Kingdom.

In approving a budget, the NCAC has set fees for its arbitrators as well as fees for the business associations involved in supporting the NCAC.  The NCAC’s annual budget for 18 months starting from October, 2014 is projected to be around US$140,000.

In-country commercial arbitration is something that both local and foreign investors have pushed for in recent years. The NCAC was stipulated in Cambodia’s 2006 Law on Commercial Arbitration and became a reality last year after the enactment of several related Sub-Decrees.         
 
Domestic and international investors believe that the NCAC will facilitate the ability to do business in Cambodia and encourage further investment from major international investors. The expectation is that the NCAC will encourage international standard dispute settlement outside of the official court system. As well, in future Cambodian government contracts may require clauses mandating in-country arbitration, as opposed to the use of such established facilities elsewhere in the region.

The inaugural session is another step in the establishment of the NCAC. While there is much yet to be accomplished, the private sector is fully engaged in their support of the NCAC’s development.

Sciaroni & Associates congratulates the NCAC Board and the General Assembly of the Royal Government of Cambodia for their diligence and commitment to the establishment of the NCAC on this significant accomplishment.

Sciaroni & Associates is a leading legal and investment advisory firm serving Southeast Asia since 1993 with offices in Cambodia, Laos and Myanmar Sciaroni & Associates assists clients in understanding the complex business conditions in those markets while efficiently identifying and resolving issues following strict international ethical standards.  Our firm provides experienced advice and seasoned business insights to many of the world’s leading companies, governments, economic think tanks, global development funds and international NGOs. For more information please visit www.sa-asia.com or contact us at info@sa-asia.com.


 
 
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Sciaroni & Associates is a leading professional and investment advisory firm doing business in Southeast Asia since 1993. Based in Cambodia with legal offices in Laos and Myanmar, we provide experienced advice and business insights to many of the world’s leading companies, governments, economic think tanks, global development funds, international NGOs and the Royal Government of Cambodia in accordance with strict international standards.
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