The Jamaica International Arbitration Centre Limited (JAIAC) was first established in November 2015 as a not for profit company under the Laws of Jamaica.
The JAIAC was implemented with institutional support from the Asian International Arbitration Centre (AIAC). This relationship was formalized under a memorandum of understanding. The JAIAC also has an institutional agreement with the Jamaica Chamber Commerce (JCC), which is a member of the International Chamber of Commerce (ICC).
The JAIAC provides support for the conduct of domestic, regional and international arbitration, mediation, adjudication, neutral evaluation and other services under its own rules. It as well administers and provides support for ad hoc arbitrations. The own rules of the JAIAC include the adopted UNCITRAL Rules for Arbitration as revised in 2010, JAIAC Fast Track Arbitration Rules and JAIAC Mediation Rules.
The JAIAC is Caribbean focused, is aware of the environment in which it operates, is sensitive to local, regional and international needs, has the capacity to meet those needs, has been moving forward under well considered collaboration arrangements, is agile and understands dispute settlement to be a component of dispute management and supportive of economic development. The JAIAC now operates as a virtual entity, while having access to physical space under facilities arrangements with the Montego Bay Convention Centre and the Jamaica Chamber of Commerce.
Awards are rendered within three months from the date of final submission. Appointment of arbitrator is made within 48 hours of receipt of all necessary documents.
Jamaica is a signatory to the 1958 Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York Convention), which enables enforcement of JAIAC arbitral awards in 170 countries. Furthermore, Jamaica has a sound legal framework that supports arbitration and other forms of alternative dispute resolution. Jamaica also became a signatory to The Singapore Convention on Mediation, when it opened for signing on 7 August 2019.
Arbitrations will usually cost less than court cases because the arbitration hearing is briefer, and the preparation work is less demanding compared to litigation. For example, fees under the JAIAC Fast Track Rules are capped and the duration for the proceedings is shorter. Cost of arbitral proceedings as well as other secondary costs, such as hotel, food & beverage, and transport in Jamaica is more competitive than in other countries in the Caribbean region.