Aceris Law has again achieved the outcome sought by its clients, this time in an ICDR arbitration between European claimants and Aceris’ American clients. The ICDR arbitration, initiated by European claimants represented by a large corporate firm, were brought against Aceris’ clients and concerned claims of fraudulent misrepresentation, fraud in the inducement, negligent misrepresentation and unjust […]
The SIAC Arbitration Clause
The Singapore International Arbitration Centre or SIAC is one of the fastest growing arbitral institutions in the world with 452 new cases received in 2017. The parties to a contract may agree to refer their disputes to arbitration in accordance with the SIAC Arbitration Rules. By doing so, the parties agree that their disputes will be resolved by arbitration and […]
Duty to Mitigate Damages in Investment Arbitration
Notion of the Duty to Mitigate Damages Along with contributory negligence, a duty to mitigate damages is considered as a “compensation-reducing”[1] factor. However, contrary to contributory negligence, the duty to mitigate damages arises only after the breach of an international obligation. It implies an obligation for an aggrieved party to “take steps to minimize his loss, on […]
International Arbitration in Singapore
Arbitration in Singapore has been developing in line with Singapore becoming a financial and legal hub and one of the major centres for international arbitration in Asia and in the world. Arbitration is governed by two separate legal regimes. Domestic arbitration is governed by Arbitration Act (Cap. 10) 2002 (“Arbitration Act”), while international arbitration is […]
Advance on Costs in ICC Arbitration
In ICC arbitration, usually upon receipt of the Answer on the Request for Arbitration or the expiry of the time limit for it[1], the Parties are required to pay an advance on costs. This payment is paramount “for the purpose of securing in advance the financial resources necessary for carrying out the arbitration procedure.”[2] The advance […]