ISRAEL Trends and Developments Contributed by: Zvi Bar-Nathan and Daphna Kapeliuk, Goldfarb Gross Seligman & Co
Conclusion The adoption of the ICA Law presents both significant opportunities and challenges for jurisdictions around the world. By harmonising legal frameworks, attract - ing foreign investment, enhancing the efficiency of arbitration proceedings, and promoting legal certainty, the ICA Law offers substantial benefits for interna - tional commerce. However, this of course will depend on the way the courts interpret and apply the Law in practice.
stem from a reluctance to adopt new procedures, con - cerns about the loss of judicial control over arbitration, or scepticism about the benefits of the Law. Over - coming this resistance requires education, training, and advocacy to demonstrate the advantages of the ICA Law. Third, while the Model Law aims to harmonise arbitra - tion laws, its effectiveness depends on how it will be interpreted and applied by the courts in Israel. There is a risk that the courts will interpret the provisions of the Model Law differently, leading to inconsistencies that could undermine the goal of harmonisation. To address this challenge, it is important for courts to consider international jurisprudence and best prac - tices when interpreting the Model Law. Fourth, for the successful adoption and implementa - tion of the ICA Law, it is essential to build the capac - ity of legal professionals, arbitrators, and judges. This includes providing training on the principles and pro - cedures of the Law, as well as developing expertise in international commercial arbitration. While Israel is progressing in this direction, there is still a lot of work to be done.
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