ATLANTA (February 7, 2012) – Sen. Bill Hamrick (R-Carrollton) has filed SB 383, which aims to revise Georgia’s current laws regarding international arbitration and enhance the state’s visibility as a neutral location for commercial contract resolution. This legislation has received the support of the business community, local chambers of commerce, and the State Bar of Georgia.
“Amending Georgia’s current code to incorporate internationally recognized law is a step in the right direction towards becoming a prominent venue for international commercial arbitration,” said Sen. Hamrick. “Georgia boasts a strong legal community with an existing platform for this process, and our state is home to a large concentration of Fortune 500 headquarters. The infrastructure is in place, but we need to clarify and strengthen our existing laws in order for our state to be a leading center for dispute resolution.
“U.S. companies will be less hesitant to enter into international contracts, and foreign entities will be more agreeable to arbitrate in Georgia if they know it will be a fair process,” added Sen. Hamrick.
International arbitration is the leading method in solving disputes between companies entered into international commercial agreements. The process avoids the uncertainties of traditional litigation by allowing both parties to have wide liberties in the selection of the arbitrator(s) and the arbitration procedure. International arbitration also allows parties to be represented by the counsel of their choice, even if the attorney is not licensed in a U.S. jurisdiction, and provides a binding resolution along with a confidentiality not often received in the legal system.
Georgia stands to gain several benefits from revising its current international arbitration code. The state will receive an economic development and tourism boost through the presentation of an annual signature international arbitration conference, and international business costs for U.S. companies throughout the southeast will ultimately be reduced.
RELEASE
For Immediate Release:
February 7, 2012
Contact:
Natalie Dale, Director
Jennifer Yarber, Deputy Director
jennifer.yarber@senate.ga.gov
404.656.0028