What do London, Paris, New York and Tortola have in common? If the ambitions of the British Virgin Islands (BVI) come to fruition, the answer will soon be that they are four of the most popular seats for international arbitration. 

The foundations for the BVI's ambitions were laid on 1 October 2014 when a new arbitration law came into force, replacing a tired statute based on the English 1950 and 1975 Arbitration Acts. The old 1976 act had done faithful service for nearly 40 years but was not suited to the demands of the international marketplace and was more appropriate for the resolution of domestic disputes. As a result, arbitrations seated in the BVI were few and far between — perhaps a handful a year if that. The old act was largely silent on procedural issues such as timetabling and the language of the arbitration, and on matters such as the liability of arbitrators and umpires for negligence or mistake. While most of the lacunae could be filled or supplemented by importing the common law, that was a cumbersome process. There was a need for a modern, user-friendly statute…

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