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 […]
Change of Arbitration Attorney under the LCIA Rules
As before national courts, parties’ right to choose their own arbitration attorney is a fundamental procedural right[1] that is confirmed by Article 18.1 of LCIA Rules (2014)[2] The new LCIA Rules (2014) represent the first institutional rules that limit this inherent power of the parties, in order to better conduct arbitral proceedings. Article 18.3 of the […]
Arbitration Clause Tips
The “arbitration clause” or the “arbitration agreement” is the provision in a contract that allows the parties to have their dispute resolved by an arbitral tribunal instead of ordinary State courts. An arbitration clause is binding and the parties cannot renounce unilaterally to the jurisdiction of the arbitral tribunal. In order to draft an effective […]
International Arbitration Agreements
International arbitration agreements usually take the form of clauses in commercial contracts or investment treaties by which the Parties agree to arbitrate future disputes (agreement to compromise). International arbitration agreements are stand alone contracts which, according to the separability doctrine, will survive the underlying contract which contains them in the event that such contract is […]