MANAMA: Gulf Co-operation Council Commercial Arbitration Centre (GCCCAC), a Bahrain-based regional organisation, has announced it produced an arbitral award in record time from the day of referral of the case.
An arbitral tribunal in the centre produced a final and binding verdict for the parties in 57 days from the date of referring the dispute to the sole arbitrator (which is within the GCCCAC’s list of certified arbitrators).
The arbitral ruling of the GCCCAC is generally considered final and binding and irrevocable, by normal or abnormal means and no one can hold a hearing to revoke them.
GCCCAC acting secretary general Nasser Al Mogahwi said the ruling, which is a binding decision, is one of the fastest to have been released by the centre.
According to him, it was an example of how arbitration seeks to guarantee a swift ruling, without violating the rights of the disputing parties.
“This confirms the constantly increasing reliability on arbitration as an alternative path for dispute resolution; especially the commercial ones since they necessitate quick transactions and stability in the legal centres,” he said.
The arbitral tribunal which consisted of a sole arbitrator released a final verdict for the dispute between a company from the UAE and a company from Yemen.
The dispute revolved around a contract for supplying electrical energy, and the parties of the dispute have agreed for the applicable law for this dispute to be the Yemeni law.
Mr Al Mogahwi said this ruling comes at a time in which the GCCCAC is witnessing an accelerated flow of cases and this does not reflect the increase of commercial disputes in the region but rather reflects the growing confidence in the GCCCAC and the applicability of its rulings within the GCC countries.
He explained that the GCCCAC is performing a governing role on the arbitral procedure from the beginning of registering the claim until the end with the release of the arbitral award/verdict and that is a guarantee of the smooth flow of the arbitral procedure and ensuring neutral and unbiased treatment for the parties.
The fastest yet arbitral ruling by GCCCAC was recorded in 2014 when a tribunal consisting of a sole arbitrator gave its ruling within 40 days from the date of referral of the case.
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