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Clause and effect

Modernised legislation for resolving trust disputes has helped pitch the Cayman Islands as an arbitration centre among its fellow IFCs, says Robert Lindley

6 January 2014

International financial centres such as Cayman had not seen much demand for alternative dispute resolution mechanisms. But the Cayman Islands Arbitration Law, which came into force on 2 July 2012, gave the regime an overhaul, bringing it into line with the current UNCITRAL Model Law on International Commercial Arbitration.

Cayman's Grand Court is well equipped to handle commercial and trust disputes for sophisticated international parties in a cost-effective and expeditious manner. It has a financial services division, which is dedicated to handling trust and certain commercial disputes.

Comparable jurisdictions, for example Bermuda and Singapore, have done a great deal to develop ?successful arbitration industries, demonstrating that there is a place for such dispute resolution mechanisms to coexist with and complement an efficient court sy...

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