CIAM manages arbitrations for over €48.6 million
The Madrid International Arbitration Centre (CIAM) took stock of its first two years in operation, from its foundation in January 2020 to the end of 2021. During that period, CIAM has managed 10 international arbitrations for a value of over €48.6 million. Also, in the first quarter of 2022, CIAM received four new arbitrations.
Taking into account the receipt of cases, the main channel has been the referral system established in the Regulations of the founding entities, according to which, if the arbitration agreement is prior to 1 January 2020, the parties to an international case are asked if they wish to transfer it to CIAM, and, if the agreement is subsequent to that date, it is automatically referred to this institution. In addition, the Centre has received three cases through CIAM clauses, where the parties name the Centre directly in their arbitration agreement.
This is important to note because it is estimated that it takes start-up entities at least five to six years on average to receive their first cases, while the relevant clauses are established and disputes arise, and can take 15 to 20 years to reach a critical mass of arbitrations. “We are a truly international centre, with guarantees, and we show this through the cases we are already handling,” says José Antonio Caínzos (pictured), President of CIAM.
As for the sectors of the disputes, construction, infrastructure and engineering predominate, followed by corporate and M&A and maritime. Cases have also been handled in the hospitality and tourism and insurance sectors.
“While we are very satisfied with what we have achieved in these early days marked by the pandemic, we also know that there is still a lot to do. First of all, we must continue to listen and learn about the needs of companies,” explains Caínzos.
Today, CIAM manages arbitrations in four languages: Spanish, English, Portuguese and French. In these first two years, CIAM has administered 30% of cases in English and 70% of cases in Spanish.