INTERNATIONAL ARBITRATION 1/3LY
A RB I T R AT ING AT T HE KC A B : WH AT I S T HE A DVA N TA GE?
JUNE Youmentioned earlier that the KCAB has experienced competition from leading international arbitration institutions. What do you think are the key selling points for the KCAB? SUNGBAE J I Korea has a good infrastructure for international arbitration. KCAB has arbitration rules which meet international standards andwill be amended soon to better cater for the clients’ need. Parties embarking on KCAB arbitration can consider experiencing the quality services provided by the SIDRC for arbitration hearings. As I mentioned earlier, the Korean courts also have an extremely pro-arbitration attitude when it comes to the enforcement of arbitration awards. The Korean government has demonstrated strong political will to develop the KCAB into the next Asian hub of international arbitration. Since the amendment of arbitrator costs provision in the arbitration rules, the KCAB has succeeded in appointing prestigious lawyers as arbitrators. Many global law firms now have offices in Korea. These human resources, combinedwith the strong infrastructure, will provide high quality international arbitration to parties.
JUNE So we’ve talked about Korea and the Asia-Pacific region. Allowme to circle back to arbitration at the KCAB. One of the key concerns for parties considering arbitration is the enforcement of awards. What are your views on the ease of enforcement in Korea? SUNGBAE J I When it comes to the enforcement of arbitration awards, Korea is one of themost pro-arbitration countries. In the Skylife case, the Korean courts showed a pro-arbitration stance in relation to the enforcement of awards. The Korean courts, both in terms of domestic and international arbitrations, make decisions quickly so as not to cause any delays in the enforcement of arbitration awards. JUNE What is interesting is that as a civil law jurisdiction, Korea differs from the common law jurisdictions inwhich the HKIAC and SIAC are sited. Do you think there could be some possible advantages for the KCAB arising from this? SUNGBAE J I The recent trend is that arbitrators that are appointed on cases at the KCAB focus on balancing between civil lawand common law tomake fair decisions, rather than being boundwith a particular system. From that perspective, Korea has an advantage because it hasmany experienced arbitrators who studied and practiced both civil lawand common law.
S INCE THE AMENDMENT OF ARBI TRATOR COS T S PROV I S ION IN THE ARBI TRAT ION RULES , THE KC AB HA S SUCCEEDED IN APPOINT ING PRES T IGIOUS L AWYERS A S ARBI TRATORS . MANY GLOBAL L AW F IRMS NOW HAVE OFF I CES IN KORE A .
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