World Class Arbitration Complex Proposed for Sri Lanka
Monday, October, 31, 2011
A world-class arbitration center has been recommended for construction in the city of Colombo, located in the Southeast Asian island nation of Sri Lanka. The recommendation came from Rauf Hakeem, Justice Minister and was seconded by Mahinda Rajapaksa, the president of this small nation. The purpose of the proposal is to bring the legal system of Sri Lanka more into accord with the systems used in developed and industrialized nations such as the United States.
In these nations, parties in dispute often have a choice of how to resolve their disagreements. While the court system remains an available means of dispute resolution in many cases, increasingly businesses and individuals are choosing to use an alternative means of resolution known as arbitration.
Class Arbitration is for Groups
Arbitration can be conducted on a case-by-case basis, but another approach is for consumers or other large groups of individuals who feel they have suffered similar damages to request arbitration as a group. This allows them to consolidate the collection of evidence and provides many other efficiencies of scale. By using class arbitration, a small number of active participants in a case can gain benefits for everyone who has joined the class. Conversely, should the case go against the plaintiffs, the costs associated with arguing it will be much lower than had each individual filed a separate arbitration claim.
Many types of dispute can be settled via class arbitration, but tax arbitration is usually an individual matter.