The Tribune

By NATARIO McKENZIE

Tribune Business Reporter

nmckenzie@tribunemedia.net

The Bahamian private sector is hoping to launch its domestic arbitration centre by the end of the Summer early Fall, Tribune Business has been told.

Edison Sumner, the Bahamas Chamber of Commerce & Employers Confederation’s (BCCEC) chief executive, told Tribune Business: “The Chamber is working tirelessly to get an alternative dispute resolution centre (ADR) established.

“We have been working with the International Chamber of Commerce (ICC) and the International Court of Arbitration. We’re making good progress. We hope to have the first intimation of the ADR likely by the end of summer, if not, early fall. That’s the plan. We hope to get that established and begin with one or two cases to test the system.”

“We have put together a new ADR division at the Chamber. We are putting the rules and references in place. Once we have a chance to vet them we will then begin the process of identifying persons who may be interested in working as arbitrators,” said Mr Sumner.

The Chamber has signed a Memorandum of Understanding (MoU) with the Government for the development of a domestic arbitration centre in the Bahamas. “An MoU was signed between the Chamber and the Ministry of Finance. We understand that the MoU is before Cabinet, and once Cabinet has approved it we expect things to really ramp up,” said Mr Sumner.

Mr Sumner said that establishing a domestic alternative dispute resolution (ADR) centre in the Bahamas would have an impact on both individual businesses and the wider economy.

He added that one of the primary advantages of a domestic arbitration centre would be reduced time and costs associated with commercial dispute resolution. “Time is money. Parties who may have a dispute can use the ADR mechanism as opposed to going through the often lengthy court process,” said Mr Sumner.