Joint venture arbitrations are common. Joint ventures are frequently international in nature, involving partners from different countries operating in various continents and involving multiple laws and jurisdictions. This led to a rising need for joint venture disputes to be resolved in a more neutral setting than before national State courts of just one party. Arbitration, […]
ICC Expedited Arbitration – Addressing Delays, Costs and Efficiency
On 4 November 2016, the ICC announced its amendments to the ICC Rules of Arbitration, applicable from March 2017, which includes Annex VI on the new ICC Expedited Arbitration Procedure. According to the Secretariat, the introduction of this procedure aims to address business concerns about the time and costs associated with an ICC Arbitration, by […]
Banking and Finance Arbitrations – ICC Report
The ICC Taskforce on Financial Institutions and International Arbitration, led by Co-Chairs Georges Affaki and Claudia Salomon, recently released a Report on the use of arbitration as a dispute settlement method in resolving financial disputes, i.e., banking and finance arbitrations, showing that arbitration could be used at a much larger scale bringing numerous benefits to […]
New English Court Decision Regarding Third-Party Funding Cost Recovery in Arbitration
In 2008, Norscot Rig Management Pvt Limited (“Norscot”), the Claimant, successfully brought a claim in arbitration before the ICC in London, against Essar Oilfield Services Limited (“Essar”), the Respondent. The Arbitrator (Sir Philip Otton) held that the Respondent had breached an operation management agreement relating to an offshore drilling platform and thus was liable to pay over […]
Multiparty Arbitrations under the 2014 LCIA Rules
The last decade has seen a rising number of arbitrations involving two or more parties. So-called complex and multi-party arbitrations raise numerous practical issues in international arbitration, involving but not limited to the questions of who are the parties to an arbitration agreement, the possibilities of an “extension” of an arbitration agreement, the joinder of a third party, the consolidation of […]