The India International Arbitration Centre (IIAC), a statutory institution established to create an independent and autonomous regime for institutional arbitration in India and the Royal Institution of Chartered Surveyors (RICS), founded in London in 1868, a global professional body for those working in the Built Environment, Construction, Land, Property and Real Estate have entered into an Memorandum of Understanding (MOU) on 17th October 2023 at New Delhi.
The IIAC has been established by an Act of Parliament, the India International Arbitration Centre Act, 2019. The objects of the IIAC include developing itself as a flagship institution for conducting international and domestic arbitration, and collaborating with other national and international institutions and organisations to ensure the credibility of the IIAC as a specialised institution in arbitration and mediation.
The Dispute Resolution Service (DRS) of the RICS, is the world’s oldest and largest provider of alternative dispute resolution (ADR) services in the land, property and construction industries.
The signing ceremony took place in the presence of Hon’ble Mr. Justice Hemant Gupta (Retd.), Chairperson, IIAC and Dr. John Fletcher, Director (Dispute Resolution), RICS. Key industry leaders, legal dignitaries, Members of IIAC and Members of Chamber of Arbitration of IIAC and representatives from both organizations were also present at the ceremony.
Through the MOU, the parties aim to work together and leverage on IIAC’s position as an institution of national importance, which is tasked to provide seamless arbitration and ADR services in India, and RICS’s 150 years of history and international reputation in administering dispute resolution, especially arbitration, in the built environment sector.
Among other things, the MOU envisions collaboration to explore the development and provision of training and continued professional development for all arbitrators involved in IIAC construction and infrastructure arbitration to ensure that those from a legal background are provided with sector specific technical knowledge, and those from a sector specific technical background are provided with appropriate legal knowledge.
The MOU between IIAC and RICS will also strive to explore the development and provision of joint training for mediation.
RICS:
“Arbitration was designed to be fundamentally different to private litigation. The Royal Institution of Chartered Surveyors (RICS) and the India International Arbitration Centre (IIAC) have responded to calls from the Indian government, judiciary and construction industry to provide effective international and domestic arbitration that is reasonably priced, sector-specific and not over-legalistic.
I am honoured to sign the Memorandum of Understanding under which RICS and the IIAC will cooperate to provide this service to the Indian construction and infrastructure sector. Arbitrations will be conducted by industry experts, former justices of the Indian and Supreme and High Courts with expertise in construction matters, and leading members of the RICS international construction arbitration panel.”
