Arbitration will usually cost less than litigation before the court as the arbitration hearing is briefer, and the preparation work should be less demanding than for litigation.
The JAIAC also provides for Fast Track hearings, and the secondary costs, including for hotel, food and beverage and transport in Jamaica is more competitive than in other Caribbean countries.
Jamaica is a signatory to the 1958 Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York Convention), which enables enforcement JAIAC’s awards in 157 countries. In addition, Jamaican Arbitration Act 2017 is a pure adoption of the UNCITRAL Model Law, which is compatible with the New York Convention and supportive of international best practice.
The standard requirement is for JAIAC Awards to be rendered within three months from date of final submission. Appointment of the arbitrator is made within 48 hours of receipt of all necessary documents.