Arbitration Act 2023 implemented in Trinidad & Tobago

The Trinidad and Tobago's Arbitration Act 2023 came into effect (with minor exceptions). This Act replaces the previously established Arbitration Act, Chap. 5:01 which dates back to 1939, this legislation was not up to modern-day international standards and procedures.

The newly established act is following the UNCITRAL Model Law on International Commerce and adopts clearer language. It allows for a streamlined procedure with time limits for various stages of arbitration, aiming for quicker dispute resolution.

There are also specific provisions for both confidentiality and transparency, the execution of this remains dependant on the specific parties involved but the act encourages civility wherever it can.

There is also greater flexibility for the involved parties, they will have more autonomy when choosing arbitrators and can tailor specific procedures based on their specific needs.

The introduction of this act is likely to prove more cost-effective than the previous standard while aligning more with international practices.

There are still delayed sections that require further attention in relation to the act but largely this is a major positive step in the modernisation of the legal framework. The delayed sections are mentioned below.

• Section 56(3): This section deals with the fees and expenses incurred by arbitrators within Trinidad and Tobago for domestic arbitrations.
• Section 56(4): This section covers the fees and expenses incurred by foreign representatives in international arbitrations.

Further discussions are taking place in relation to these sections and proper implementation of these involves legal complexities that are underway.

This shift has been discussed heavily amongst policymakers and legal experts; during the debate on the Act in Parliament, he emphasized the importance of modernization and its potential to attract investment and resolve disputes efficiently.

Law firms like Hamel-Smith and Hewitt & Associates have published articles analyzing the Act and its potential impact, highlighting both positive aspects and potential challenges.

While delayed sections concerning fee regulations demand further attention, the act's overall impact remains demonstrably positive. As policymakers, legal experts, and businesses navigate this modernization, one thing is clear that the Trinidad and Tobago has taken a bold step towards a future where fair and efficient dispute resolution paves the way for progress and prosperity.