Wednesday, October 12, 2022

English Law Commission Proposals to Ensure UK Remains Centre of International Arbitration

The Law Commission of England and Wales recently released a consultation paper with provisional reform proposals to update the Arbitration Act 1996 and to ensure London remains a world-leading seat in arbitration.

From the description of the project:

"Arbitration is a form of dispute resolution. If two or more parties have a dispute which they cannot resolve themselves, instead of going to court, they might appoint a third person as an arbitrator to resolve the dispute for them by issuing an award. They might appoint a panel of arbitrators to act as an arbitral tribunal."

"Arbitration happens in a wide range of settings, both domestic and international, from family law and rent reviews, through commodity trades and shipping, to international commercial contracts and investor claims against states."

"Arbitration is a major area of activity. For example, the Chartered Institute of Arbitrators, headquartered in London, has more than 17,000 members across 149 countries. Industry estimates suggest that international arbitration has grown by about 26% between 2016 and 2020, with London the world’s most popular seat." 

"The Arbitration Act 1996 (“the Act”) provides a framework for arbitration in England and Wales and Northern Ireland. It has been 25 years since the Act came into force. This anniversary presents a good opportunity to revisit the Act, to ensure that it remains state of the art, so that it provides an excellent basis for domestic arbitration, and continues to support London’s world-leading role in international arbitration."

The consultation paper examines areas such as confidentiality, independence and immunity of arbitrators, jurisdictional challenges against arbitral awards, appeals and more.

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posted by Michel-Adrien at 8:01 pm


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