AALCO Hong Kong Regional Arbitration Centre (“AALCO-HKRAC”) presented to over 200 in-house counsel, compliance officers, and business executives in Mainland China at the ALB In-house Legal Summit held in Shanghai on 15 June 2023.
In the world of Web 3.0, legal technologies and Online Dispute Resolution plays an important role in enhancing the efficiency and lowering the costs of arbitration, thereby facilitating better access to justice. Dennis CAI, Deputy Director of AALCO-HKRAC, shared his experience and observations on drafting arbitration clauses in the world of Web 3.0, highlighting that the AALCO-HKRAC Platform Arbitration Rules offer flexibility for adopting online and in-person hearings in arbitration proceedings. He also pointed out that, thanks to the Department of Justice of the Hong Kong SAR’s long-standing policy and generous support in developing and maintaining LawTech and ODR platform, AALCO-HKRAC has made available these state-of-the-art technologies to users from Asian and African jurisdictions and beyond. Adoption of LawTech and ODR is an important factor for consideration when drafting arbitration clause.
Other key factors for arbitration clause drafting include country-neutrality of arbitration institution, costs of arbitration, enforcement of interim measures in Mainland China if mainland party involved, and enforcement of awards, etc.
The AALCO-HKRAC model arbitration clause is readily available at https://aalcohkrac.org/model-arbitration-clause/