In recent years, a global shift has unfolded, casting doubt on the efficacy of traditional international cooperation and the multilateral framework of international economic law. This shift, marked by increasing skepticism among nations, raises questions about the future.
Amidst this backdrop, arbitration has emerged as a dominant force in resolving disputes between businesses globally. It is not limited to simple cases; complex disputes involving substantial sums are now routinely entrusted to arbitration tribunals worldwide.
Arbitration, as a process, efficiently resolves disputes between parties. However, its significance extends beyond mere dispute resolution. Economics is a cornerstone, guiding us in constructing compelling cases in both commercial and investment-state settings. In essence, arbitration leverages the principles of economics, exploiting disparities in currency values, precious metals, or stocks. Economic analysis is an indispensable tool in navigating the intricate terrain of international disputes, illuminating the underlying dynamics of commercial relationships and assessing any deviations from the original agreements between parties. It further empowers us to devise alternative solutions, should the balance of a contract be disrupted.
Whether in the context of commercial or investment-state arbitrations, the fundamental economic principles remain the same. The distinguishing factor lies in the legal framework and specific claims. In these scenarios, the collaboration between experts and legal practitioners is vital, as it is through this synergy that robust arguments are developed within the contours of applicable law.
Economic analysis serves not only as an informative tool for tribunals but also as a means to help them comprehend the intricate trade-offs between the economic advantages of contract modifications and the potential disruptions to the allocation of rights and responsibilities initially agreed upon by contract parties.
Looking ahead to 2023, we anticipate intriguing developments in international arbitration. Enforceability remains a top priority for businesses, and we expect to witness an increased adoption of arbitration provisions in cross-border agreements and standard form contracts during 2023-2024.
We invite you to explore the wealth of knowledge and resources on our website, as we collectively shape the future of international arbitration.
Tomas Brundza
Director of the International Board of Independent Lawyers
Olga Nickole Kuyan is Arbitrator & Chair Responsible for Southern Europe. Now Prof. ON Kuyan is a highly experienced researcher at the University of Palermo, Italy. Also she is the founder of Equal Happiness Initiative, a firm dedicated to Private Justice.
Her qualifications include two PhD degrees PhD in Private Law, Roman Law, European Legal Culture, done at the University of Pavia, Italy; PhD in Civil Law, Civil Procedural Law, Family Law, Private International Law, done at the Faculty of Law of the Lomonosov State University of Moscow. Also she has the qualifications in Mindful Lawyering and Cosmoorganica.
Prof. ON Kuyan, a first instance judge at the beginning of her career, has more than 20 years’ experience specializing in EU, national (italian) international civil, private, family and procedural law, including Brussels-Lugano Regime, Human Rights protection, compensation for damages. She applies discretion and creative decision-making, mindfulness in the legal profession.
ON Kuyan is a Professor of Civil Procedural Law from 2001.
In addition to her academic career, Prof. ON Kuyan has been practicing legal consultancy, working as Of Counsel at international law firms, offices (Clifford Chance, Studio Legale Lauricella etc.).
She is the author of several juridical articles and monographs which have received the awards.
WORKING LANGUAGES
English, Italian, Russian
Olga Nickole Kuyan
Chair Responsible for Southern Europe
Arbitrator of the Arbitration Court by International Board