(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
(2) This Act aims to
achieve its paramount object by —
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
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 the Interpretation Act 1984 section 18 for
the purposes of interpreting this Act.