At the recent Mandela Institute Seminar on International Arbitration, the Deputy Minister of Justice and Constitutional Development, the Honourable JH Jeffery, MP addressed the attendees on the benefits and challenges of international arbitration in South Africa.
The Honourable Minister highlighted how the new International Arbitration Bill would address the challenges currently faced and how the Bill would enhance and facilitate international arbitrations.
International arbitration is the preferred dispute resolution mechanism to resolve inter-jurisdictional disputes, especially in the construction sector.
The Minister emphasised how the Bill, which is based is based on the UNCITRAL model law, will enable South Africa to opt into the international arbitration space and align South African arbitration legislation with international best practices.
The date of further submissions and comments on the Bill has been extended to 28 July 2017. Interested persons may also indicate if they wish to make verbal presentations. Public hearings on the Bill will then be held in Parliament. It is hoped that the Bill will be passed before the end of the year.