Arbitrators are generally seasoned experts recognised in different professional fields who are capable of understanding the technical issues involved in arbitration cases. To become a maritime arbitrator, one should normally have substantial working experience in areas of shipping, marine insurance or international commerce, and understand the business practices of the industry and the relevant law. Having accumulated a certain level of working experience, he or she has to receive relevant training on arbitration, such as arbitral practices and relevant law. Besides a few full-time maritime arbitrators, most maritime arbitrators hold senior or middle-level positions in maritime-related trades.
Arbitration is a way of dispute resolution based on the agreements of the parties concerned set out in the contract. When the parties concerned agree to submit the dispute to arbitration, the arbitration tribunal shall make the decision which is final and binding on the parties concerned. Under the current situation of global economic growth, arbitration is an important means to resolve disputes.
Hong Kong has a comprehensive arbitration law and excels in shipping and commercial law. It is home to many of the world’s top international law firms. In June 2011, the new Arbitration Ordinance came into effect to unify the legislative regimes for domestic and international arbitrations on the basis of the Model Law on International Commercial Arbitration of the United Nations Commission on International Trade Law. Since then, the arbitration law in Hong Kong has been brought into line with the international standards. Foreign lawyers and businessmen are more willing to choose Hong Kong as the place to conduct international arbitrations. Among the cases managed by the Hong Kong International Arbitration Centre, maritime dispute is one of the major areas of dispute.
Hong Kong’s empathy with the Asian traditions of mediation and its skills at blending the best of East and West have made it the prime centre in Asia for the resolution of disputes.