|SLNAC | Sri Lanka National Arbitration Centre|
120/7 Vidya Mawatha,
+94 112 688 263
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|Business Type||:||Legal Services|
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|Legal services, Financial services, Construction disputes, Foreign invesments|
|Business Description :|
Welcome to Colombo, Sri Lanka
The Sri Lanka National Arbitration Centre (SLNAC) having been established and thereafter incorporated in 1985 functions as the leading institution that furthers the goals and objectives of commercial arbitration in Sri Lanka. With hope of making commercial dispute resolution through the practice of arbitration more cost effective and expeditious, the Centre stands at the threshold of being one of the primary establishments in South Asia which would afford the flexibility and convenience of conducting both regional and international arbitration hearings.
Brought into operation under the Companies Act of 1974, the Centre functions as a private, not to profit Guarantee Company and over the course of its operations, various representative bodies have combined in promoting and developing the SLNAC into its current status as being the premier arbitral body in the country. The Centre has successfully conducted domestic & international commercial arbitrations and has settled a large volume of disputes within both the private and state sectors.
Moreover, the Centre acts in an advisory capacity for the promotion of arbitration and has been a catalyst for the setting up of a specialized High Court for the enforcement of arbitral awards. Also, the SLNAC continues to offer suggestions to the Arbitration Act No. 11 of 1955 based on model law and research papers for furthering Colombo as a neutral hub for the conducting of international commercial arbitration in Asia.
In light of the removal of all obstacles pertaining to economic growth in this country coupled by the rapid increase in the spheres of infrastructure development, foreign direct investment, imports and exports and the expected growth of the Capital markets, the Centre remains focused and determined to offer its services to legal professionals and the local & international business communities.
Various new methods have been initiated which have made the arbitrary process more efficient and have therefore assisted businesses, the general public and the nation at large to bring about settlements in commercial disputes through a practical and logical mechanism. Thus our plan for the future has been reformulated.
THE CENTRE HAS FACILITATED
The Centre has facilitated domestic commercial arbitrations, international arbitrations, disputes of private bodies and State entities at its Centre. The awards delivered through the Centre are certified and duly recognized for enforcement in the High Court (Commercial) of Colombo, in terms of the Arbitration Act No.11 of 1955.
The SLNAC is also an advisory body for the promotion of arbitrations and has been a catalyst for the setting up of a specialized High Court to enforce arbitral awards and for suggestions for the original arbitration act based on the model law and research papers for the development of Colombo as a neutral commercial venue for international commercial arbitrations in Asia.
Sri Lanka has a long history of a rule based system of laws. Even prior to the establishment of Statutory Commercial Laws it had a history of an alternate dispute resolution mechanism of over 1000 years.
The Arbitration Ordinance (1866) originally was in existence for over 90 years and thereafter a new Arbitration Act based on the Model Law was enacted in 1995. A large amount of commercial laws based on the English Law was enacted in the country.
Accordingly, with the growth of construction, international trade, shipping, logistics, sports and other areas, the SLNAC is poised to proceed to its next chapter of growth.
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