Increased interest in arbitration among Nordic companies
Nordic companies have to deal with more international disputes, and arbitration remains the preferred method of dispute resolution, Roschier states in a new report. Aside from the non-public nature of arbitration, the efficiency and flexibility of arbitration are valued highly by Nordic users.
There is a clear trend. Nordic companies have to deal with more, and to a greater extent international, disputes. And the number of companies recognizing the benefits of arbitration as a dispute resolution method is stable and actually increasing. These are two of the findings in the newly released Roschier Disputes Index 2021- a survey on facts and trends in international dispute resolution from a Nordic perspective.
– The SCC can confirm the results of the report. During 2020 the SCC had the second highest case load historically. Successful business relations rely on transparent, predictable, and enforceable legal norms, and the ongoing Covid-19 pandemic illustrates the strength and value of international arbitration. An efficient and confidential solution to a dispute can be crucial for a company to maintain its position in the market, especially during a global crisis, says SCC Secretary General Annette Magnusson. According to the Roschier report the trust in Swedish law as preferred substantive law remains high among the Nordic companies that choose to enter an arbitration clause in their international contracts.
– The Roschier survey gives us important insights on attitudes and experiences of commercial arbitration in the companies of today in the Nordic region. The SCC rules are very flexible and allow parties and arbitrators to adapt the procedure to suit the dispute at hand. The report also tells us that we need to uphold our continuous work to develop and offer relevant dispute resolution options, that ensure speed and efficiency suitable for the needs of the parties in a particular dispute at hand.