(1) The paramount object of this Act is to
facilitate the fair and final resolution of commercial disputes by impartial
arbitral tribunals without unnecessary delay or expense.
(2) This Act aims to
achieve its paramount object by:
(a) enabling parties to agree about how their
commercial disputes are to be resolved (subject to subsection (3) and such
safeguards as are necessary in the public interest), and
(b) providing
arbitration procedures that enable commercial disputes to be resolved in a
cost effective manner, informally and quickly.
(3) This Act must be
interpreted, and the functions of an arbitral tribunal must be exercised, so
that (as far as practicable) the paramount object of this Act is achieved.
(4) Subsection (3) does not affect the application of section 33 of the
Interpretation Act 1987for the purposes of interpreting this Act.
