Arbitration in the British Virgin Islands

rdf:langString Arbitration in the British Virgin Islands

rdf:langString Arbitration in the British Virgin Islands is regulated principally by the Arbitration Act, 2013 which came into force on 1 October 2014. Prior to that date, arbitration was regulated by the Arbitration Cap, 1976 (Cap 6). The Arbitration Act is based heavily on the UNCITRAL Model Law on International Commercial Arbitration, but modified slightly for application under British Virgin Islands law. Where the parties have agreed in writing that disputes between them are to be resolved by arbitration, the courts must stay any court proceedings in favour of arbitration unless the court determines that the agreement is void. The Arbitration Act provides for the creation of a new statutory body called the BVI International Arbitration Centre. However, the organs of that body have not yet been appointed. Draft subsidiary legislation, the BVI IAC Rules, have been circulated for private sector comment, but not yet brought into force. Accordingly, at present all arbitration in the British Virgin Islands is conducted as ad hoc arbitrations.