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Contents

Part XIII · International Commercial Dispute Resolution Centre

62. Facilitation of establishing an International Commercial Dispute Resolution Centre

Official English translation. The Sinhala text prevails. Open the official Sinhala text, official PDF on documents.gov.lk

(1)

The Commission shall facilitate the establishment of an International Commercial Dispute

Resolution Centre, to be located within the Area of Authority of the Colombo Port City, which shall be incorporated as a company limited by guarantee under the Companies Act,

No. 7 of 2007, for the purposes of offering conciliation, mediation, adjudication, arbitration and any other alternate dispute resolution services.

(2)

Any dispute that may arise, within the Area of

Authority of the Colombo Port City, between –

(a)

the Commission and an authorised person or an employee of an authorised person where relevant;

and

(b)

the Commission and a resident or an occupier, provided that there exists in relation thereto, an agreement or other legally binding document as between the Commission and such resident or occupier, shall be resolved by way of arbitration conducted by the

International Commercial Dispute Resolution Centre established under subsection (1).

(3)

Every authorised person shall ensure that all agreements entered into by such authorised person in terms of section 32 of this Act, shall contain a provision requiring a mandatory reference of any dispute that may arise within the Area of Authority of the Colombo Port City under such agreement, to arbitration, in terms of this section.

(4)

The International Commercial Dispute Resolution

Centre shall be entitled to make or adopt rules of procedure for conciliation, mediation, adjudication, arbitration and any other alternate dispute resolution services which are offered by the International Commercial Dispute Resolution

Centre.

(5)

The enforcement or setting aside of any arbitration award made by the International Commercial Dispute

Resolution Centre setup under this Act shall be done in accordance with the provisions of the Arbitration Act, No.

11 of 1995.

(6)

A citizen of Sri Lanka or a resident may serve in any capacity in the operations or any activities of the

International Commercial Dispute Resolution Centre established under subsection (1), while an internationally reputed professional may also be so involved.

Part XIV

Priority in Hearing Legal Proceedings

Read on from Part XIV

Part XV

Interim Provisions and Investment Protection

Read on from Part XV

Part XVI

Miscellaneous Provisions

Read on from Part XVI

Schedules