KUALA LUMPUR: Small commercial disputes – involving sums of up to RM1mil – can now be settled as quickly as 90 days.
This follows the introduction of the Fast Track Rules by the Kuala Lumpur Regional Centre for Arbitration (KLRCA).
The 90-day guarantee is for document-only arbitration while those involving substantive hearings will be settled within 140 days.
The Fast Track Rules applies to disputed amounts of up to a RM1mil while those involving bigger amounts would be processed under standard KLRCA Rules.
The new rules were launched yesterday by Deputy Minister in the Prime Minister’s Department Datuk Liew Vui Keong, who represented Minister in the Prime Minister’s Department Datuk Seri Nazri Aziz.
It was launched at the signing ceremony of a memorandum of understanding between KLRCA and the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM).
KLRCA director Sundra Rajoo said the rules would enable small commercial disputes to be settled amicably without the traditional complexities of a full arbitral proceeding.
“It was drafted in collaboration with the Malaysian Institute of Arbitrators and designed to be cost-efficient.
“Its benefits include confidentiality, flexibility, choice of expert arbitrators, and recognition and enforcement of award in 145 countries,” he said.
Liew said that with a neutral dispute resolution mechanism in place, businesses would be able to run smoothly and disputes solved effectively.
“This will help us achieve our goals of increasing our economic growth as foreign investment will increase following confidence that commercial interests will be protected,” he said.
ACCCIM president Tan Sri William Cheng, in a speech read out by secretary-general Datuk David Chua, encouraged association members to adopt KLRCA’s model clause in their business agreements as it would enable them to refer disputes to the centre.
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