BARBADOS EYEING NEW COURT SYSTEM

 

Barbados could soon be the home of the Caribbean Court for Arbitration and Mediation (CCAM). In fact, the implementation of such a system will soon be brought before Cabinet for debate.
 
News of this has come from Minister of Industry, International Business, Commerce and Small Business Development, Donville Inniss. He said that if they want to develop a more robust and welcoming investment climate, then a mechanism which facilitates the enforcement of contracts and finding resolutions to disputes in a judicious manner must be implemented.
 
“Let us not be like the proverbial ostrich when it comes to resolving commercial disputes in Barbados and the Caribbean; it is just too costly and time consuming. If we are to develop and sustain a more vibrant and friendly investment climate in this region, we must frontally create a system that helps to enforce contracts and to resolve disputes in a timely and cost-effective manner.”
 
This is important because having contract enforcement mechanisms that are not solid can be a major hindrance to the trade, investment, innovation and entrepreneurship, stated the Minister of Commerce while speaking at the 15th Annual Caribbean Commercial Law Workshop at the Hilton Hotel.
 
“The correct enforcement practices for contracts enhance certainty in commercial relationships, but giving the assurance to parties that their contractual rights will be upheld. Weak contract enforcement systems do slow down trade and investment, but more importantly become a major obstacle to innovation and entrepreneurship whilst creating unfair competition as monopolies or dominant players set the rules of engagement.”
 
This is why a CCAM would prove advantageous and this administration has already been presented with a guide for the establishment of such a system and with an International Arbitration Act, qualified jurists and persons skilled in alternative dispute resolution (ADR) already in place, the climate is ripe for the implementation of such a system, he said.
 
“With a Barbados International Arbitration Act, experienced jurists, trained ADR specialists, and an international market, Barbados must now move full speed ahead to establish the appropriate Alternative Dispute Resolution facilities. I am pleased to let you know that thanks to Chancery Chambers and related parties, the Government has been presented with a blueprint for the establishment and operations of a Caribbean Court for Arbitration and Mediation in Barbados.”
 
Inniss said that his Ministry is in the final stages of the consultation process and once this process has been completed, it would be brought before Cabinet for discussions.
 
“My Ministry is in the final part of consultations with relevant Ministries, and I expect to invite my Cabinet colleagues to deliberate of this shortly. We are treating it as a business case, to be operated like a business void of the layers of bureaucracy that is the norm elsewhere. I am satisfied that it is a financial and human resource investment that will genuinely assist Barbados in becoming the centre of excellence for commercial and corporate law and practices in this region.”
 
He therefore invited the lawyers present to partner with them in this initiative, as they work collectively towards a more sustainable commercial law system in the Caribbean.̃

 

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