Arbitration can be an effective risk mitigation or legal risk management (LRM) tool especially when dealing with disputes in Asia. Companies doing business in Asia have realized that using arbitration as a dispute mechanism is preferable to litigation in national courts. Hence Hong Kong, Singapore, and Korea have all developed sophisticated internationally focused arbitration centers and arbitral regimes. Though Hong Kong and Singapore have long been acknowledged as the primary arbitration centers in Asia, Korea is now facing increased demand as an international arbitration center as it is being seen as an attractive alternative. As these three arbitration centers compete in Asia for international arbitration business all three have updated their arbitration laws and rules to reflect the current international trends.
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I compared the three arbitration centers in my latest article, “A comparison of recent changes in the arbitral laws and regulations of Hong Kong, Singapore and Korea” published in the KLRI Journal of Law and Legislation. It is accessible via the following link: http://www.klri.re.kr/eng/category/klriNewsView.do?seq=375.
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