The European Chamber of Commerce (EuroCham) is hosting a forum to introduce the National Commerical Arbitration Centre Cambodia’s (NCAC) services offering alternative dispute resolution for businesses.
On January 19, EuroCham and NCAC will host a Business Community Forum on Commercial Arbitration in Cambodia at Hyatt Regal Phnom Penh from 8.30am until noon.
The aim of the half-day forum is to introduce the NCAC and the services the non-profit organisation offers, as, according to a press release, “awareness about arbitration as a service is still lacking in Cambodia”.
The NCAC provides an alternative tool for businesses seeking to solve any disputes that arise from increased international and domestic activity in Cambodia.
The organisation adheres to international standards and since its inception, has administered 31 cases. As Cambodia is a signatory to the New York Convention on the Recognition and Enforcement of Foreign Arbitration Awards, the NCAC’s decisions are enforceable in more than 160 countries.
In addition to resolving commercial disputes outside of court, which have mainly taken place in the real estate, construction and commercial sectors, the NCAC offers specialised training on arbitration to the public and potential arbitrators.
In a recent interview with EuroCham, NCAC Arbitrator Djamel El-Akra said, “The NCAC provides two types of services. First, professional training, including accredited training courses for individuals willing to register as commercial arbitrators with the NCAC, and continuous training for arbitrators, practitioners, or people interested in arbitration.
“Then, administering cases for the settlement of commercial disputes by means of arbitration. The majority of cases are disputes related to real estate and construction, banking and finance, and general corporate and commercial matters.”
The half-day forum will ses Bun & Associates Managing partner Youdy Bun give an introduction to commercial arbitration and the legal framework that governs the process, as well as the advantages and disadvantages of arbitration.
NCAC President Kiri SAN will introduce the NCAC and its services, followed by panel discussions featuring legal experts and NCAC representatives. The first panel discussion will centre around construction and real estate disputes, with the second focused on broader commercial and corporate disputes.
El-Akra believes the NCAC will continue to gain popularity in the future. “If the NCAC maintains its reputation around its core values, namely integrity, impartiality, independence, innovation, and internationalism, to fulfill its mission to ensure that high quality standards of arbitration are maintained in Cambodia, we can then be optimistic about the future of commercial arbitration in Cambodia” he added.