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Monday 20 November


 

Arbitration Clauses Incorporating LMAA Terms

Parties may wish to consider the use of an arbitration clause which expressly provides for the proceedings to be subject to the L.M.A.A. Terms.

A suggested form of clause, The BIMCO/LMAA Arbitration Clause, is available from the link below. It provides for the constitution of a tribunal if the parties do not agree upon a sole arbitrator. The clause can be readily modified if the preference should be for a tribunal composed of two arbitrators, with power to appoint an umpire if they disagree. 

The clause also now allows for proceedings to be subject to the Intermediate Claims Procedure when appropriate.

Agreement upon a sole arbitrator has obvious economic attractions, particularly in the case of an arbitration on documents alone, or where the amount at stake is modest. Parties are of course free to appoint who they like, but it is normally in their interests to appoint persons who are resident in the UK and thus readily available to participate in a London arbitration.

BIMCO/LMAA Arbitration Clause  
Arbitration Clause  
FALCA Clause