Legislature Passes International Commercial Arbitration Bill
April 22, 2010
Just a few minutes ago, the Florida Legislature unanimously passed HB 821 Relating to International Commercial Arbitration. This bill has been a top priority of the AIF Florida Maritime Council. The bill passed the Florida House of Representatives earlier this morning and passed The Florida Senate this afternoon. The bill is now headed to the Governor’s desk to be signed into law.
This bill allows Florida companies engaged in international commerce to conduct arbitrations on a more regular basis in Florida. By design, this will decrease their costs while simultaneously boosting Florida’s reputation as an international leader in commercial arbitration. The bill will bring additional arbitration business to the state, as well as business that is currently lost to other countries. This measure will further strengthen Florida’s position as a global leader for international trade and commerce.
AIF SUPPORTS this legislation because of its ability to make Florida a more attractive location for international business. Businesses look for the familiar, and the acceptance of the Model Law in so many jurisdictions around the world would prove to be a positive consideration in deciding where to locate international companies and conduct business transactions.
AIF proudly salutes the bill sponsors, Senator Dan Gelber (D-Miami Beach) and Representative Perry Thurston (D-Ft. Lauderdale) for their vision and leadership in bringing this important business-friendly bill to the Florida Legislature and seeing it all the way through to final passage.