What Is Third Party Funding? Third party funding is a procedure by which a third party to an arbitration provides financial means to a party whom lacks financial resources to initiate it. The funding provided will be used to cover the party’s legal fees and expenses related to an arbitration. In return, the funder receives […]
United Arab Emirates to Approve New Arbitration Law
The UAE parliament[1] has approved a new arbitration law based on the UNCITRAL Model Law. The Cabinet of Ministers will make a final review of the new UAE arbitration law and, afterwards, it will enter into force once the Supreme Council and Sheikh Khalifa Bin Zayed Al Nahyan sign it. Experts do not expect any more in-depth […]
ICSID Caseload Statistics
Recently, the International Centre of Settlement of International Dispute (“ICSID”) announced a new case record.[1] According to its caseload statistics published on 2 February 2018, the institution registered a record of 53 claims over 2017. Out of these cases, 49 were submitted under the ICSID Convention, while 4 were conducted under the ICSID Additional Facility rules. The […]
Arbitration Award Enforced in England Despite Evidence of Fraud
The New York Convention compels its 157 contracting Parties to enforce arbitration awards: “A New York Convention award may, by leave of the court, be enforced in the same manner as a judgment or order of the court to the same effect”. This enforcement requirement, found in Section 101 of the Arbitration Act 1996, is however […]
Definition of Arbitration
Arbitration is a dispute resolution process agreed between parties in which the dispute is submitted to one or more arbitrators who issue an award. It is an alternative dispute resolution (ADR) mechanism because it allows the parties to resolve their dispute outside of State courts, i.e., without litigation. Among alternative dispute resolution methods, arbitration is defined as […]