Abstract / Excerpt:
The last two decades saw the rapid growth in telecommunications and the dramatic rise of internet resulting in increased connectivity and interdependence of economics among nations. This created several opportunities in the world markets and businesses as people across nations find it easier to travel, communicate, and do business internationally. Unfortunately, owing to the diverse cultures and legal systems of persons engaged in international transactions, disputes and disagreements are certain to arise.
The remedies available to parties in cases of disputes arising from international business transactions are varied. The modes of dispute resolution include (1) filing an action in court; amd (2) availing of an administrative process called arbitration. The first mode is governed by an established set of procedural rules and legal principles. With clogged court dockets, a judicial process in the Philippines usually takes an average of 3-5 years before the court decides upon the merits of the case. Judicial process is also riddled with uncertainties as it often involves conflicts of laws problems on jurisdiction, the parties' legal capacity to sue, choice of law, arbitration, allows the expeditious determination of a dispute. It has gained acceptance in the Philippine legal system in dispute resolution, both domestic and international because of its unique features where the parties' agreement prevails in most aspects of the proceeding. Touted to be the "new wave of the future" in international relations, Congress has reinforced arbitration and the Supreme Court has expressly promoted it under the new special rules of procedure. Consequently, to further strengthen the use of arbitration in international commercial transactions, significant modifications were made in legal principles providing for exemptions in long established legal doctrines.
|Source Journal||Mindanao Law Journal|
|Journal Volume||Mindanao Law Journal Vol. 4 No. 4|
|Authors||Atty. Geraldine Quimosing-Tiu|
|Place of Publication||Davao City|
|Original Publication Date||January 1, 2013|
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