Source: Xinhua
Cambodia's first National Arbitration Center will be set up aimed at resolving business disputes and enhancing the confidence of private sectors doing business here, according to a press release from IFC on Monday.
IFC, a member of the World Bank Group, and Cambodia's Ministry of Commerce on Monday signed a Memorandum of Understanding (MOU) to implement a three-year project to set up a National Arbitration Center to resolve business disputes and bolster confidence in the commercial system.
The National Arbitration Center will be the first commercial arbitration body in Cambodia offering the business community an alternative commercial dispute resolution mechanism to the courts and enabling businesses to resolve their disputes quickly, inexpensively, fairly, and with certainty. It thus promises to enhance the private sector's comfort level with engaging in business transactions.
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