Manhattan Launch of New York International Arbitration Center
A goal to make New York a center of arbitration has taken a big leap forward with the official opening of the New York International Arbitration Center (NYIAC), located in downtown Manhattan. Along with making a statement about the future of arbitration in New York, the facility features state of the art hearing rooms in addition to high quality technology to facilitate the arbitration process.
The NYIAC has a mission as a nonprofit organization to strengthen, advance and promote the conduct of international arbitration throughout New York. The new facility aims to host numerous international arbitration meetings and has the capability to handle smaller groups as well as multi-party arbitration situations.
The organization is currently spearheaded by leading international arbitration lawyer Alexandra Dosman, serving as Executive Director. Bookings are already being accepted for use in the facility, and the first official hearings will occur in July.
One of the biggest benefits of working with the NYIAC is that they provide a clear legal framework for arbitration. In New York, a law applies to international arbitrations wherein the parties to an issue give the arbitrator power to determine the jurisdiction.
An additional benefit is that in many cases where there are defenses to arbitrability (like claims of fraud of claiming that the contract is not enforceable) are determined to be issues for arbitrators, instead of courts, to decide. This helps to speed up the arbitration process and provide and safe and legal forum where issues can be heard without having to enter the official court system, which is often costly and leads to many delays.
There are also no restrictions on the backgrounds or nationality of the arbitrators and since New York is home to a wide variety of experienced international arbitrators, parties will benefit from a highly qualified pool of professionals