1CParamount object of Act

1C Paramount object of Act (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

Preliminary Part 1A Section 1D R3 02/07/19 Commercial Arbitration Act 2017 Effective: 02/07/19 page 3 Authorised by the ACT Parliamentary Counsel—also accessible at www.legislation.act.gov.au (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 the Legislation Act, section 139 for the purposes of interpreting this Act.