With the development of businesses, enterprises need to sell products or services to different countries around the world. How do Hong Kong enterprises carry out risk prevention measures and how are they afforded legal protection when facing different laws and regulations in different countries?
Many enterprises are familiar with their own local laws, but if they are to work with new countries, they may face legal risks by failing to understand the laws of other countries. Therefore, more and more enterprises want to seek a unified legal system that can afford them legal protection when working with other enterprises in different countries. In this regard, efficient arbitration is one of the most effective methods.
By including an efficient arbitration clause in contracts, enterprises can benefit from the protection afforded by their dispute being resolved by efficient arbitration in Hong Kong, and that the award can be enforced in 157 countries, reducing the risk they face. Enterprises which wish to be afforded legal protection can add the following efficient arbitration clause to contracts:
"Any dispute or difference arising out of or in connection with this contract shall be referred to and finally determined by arbitration administrated by the Hong Kong Arbitration Society and in accordance with the Hong Kong Arbitration Society Rules for the time being in force."