The National Commercial Arbitration Centre (NCAC) is a non-profit commercial dispute resolution institution based in Phnom Penh, which was established in 2006. It officially launched in 2013 to provide businesses with an alternative to the Cambodian court system for the resolution of commercial disputes. The future of the NCAC is promising because of Cambodia’s fast-growing economy that has brought about a significant increase in commercial transactions and potential conflicts among investors and stakeholders. The NCAC aims to become one of the leading regional arbitration institutions in the foreseeable future.
There are several reasons for parties to opt for NCAC arbitrations. Hearings can be conducted in any language that has been chosen by the parties. Proceedings are confidential, unless otherwise agreed by the parties. Neutral and sophisticated arbitrators can be appointed by the parties. Arbitral awards are enforceable across countries, which is useful for the parties to claim their rights over assets that are often scattered elsewhere in the globalized world. Fees and costs are reasonable, compared with those in other arbitration institutions. Moreover, the NCAC is the only institution that may provide arbitration services in Khmer, offering deep insights into Cambodian law and society.
Arbitration, a form of alternative dispute resolution (ADR), is a means to resolve disputes outside the courts. It is the norm for solving cross-border disputes and has played a significant role for enhancing the rule of law in the Asia-Pacific region. Businesspersons and governments in region have opted for arbitration because of flexibility, finality, cost-efficiency, enforceability, neutrality, transnationality and confidentiality.
Flexibility: Arbitration allows parties to tailor-make procedures they wish to apply to their arbitration. Depending on the needs of a particular dispute, the parties can choose applicable rules of law, the seat and venue of arbitration, arbitrators – adjudicators, etc.
Finality: Arbitration usually involves no appeal procedures. Arbitration awards – decisions made by arbitral tribunals – are generally final and not subject to review on the merits. Accordingly, parties may avoid prolonged court appeal procedures that often raise the cost of arbitration.
Cost-efficiency: The flexibility and finality of arbitral proceedings often assist parties to solve disputes expeditiously and economically through arbitration, compared to time-consuming and expensive dispute resolution through court litigation or other means. Due to the fast-track dispute resolution, costs involved in arbitrations are generally cheaper than that in court proceedings.
Enforceability: Enforcement of foreign court judgments is cumbersome and sometimes impossible in the absence of an appropriate bilateral or multilateral treaty. In contrast, enforcement of foreign arbitral awards is accessible thanks to the 1958 Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York Convention) signed by more than 160 jurisdictions. The Convention mandates each of the contracting states to generally recognize and enforce foreign arbitral awards.
Neutrality: Parties have freedom to specify the seat/venue of arbitration in their arbitration agreement/clause so that they may designate a neutral third country as the seat/venue. The parties can also select independent arbitrators to form a neutral arbitral tribunal, once a dispute has arisen.
Transnationality: Arbitration is a transnational system of adjudication. Arbitral tribunals are basically independent from state legal systems that are sometimes parochial. Arbitrators have international backgrounds, coming from different jurisdictions. Many arbitration laws and norms are uniformed across different countries. Accordingly, arbitration is an ideal venue for settling international/transnational disputes.
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