Watch Out For Dispute Resolution Pitfalls

Wednesday, January 03, 2001
London law firm Lawrence Graham says users of dispute resolution services should be aware of pitfalls arising in relation to claims for interest under the Arbitration Act 1996. In its latest shipping newsletter - dubbed Shipping Lawgram - Lawrence Graham's shipping team comments on the Commercial Court case of Walker -v- Rowe, in which it was held that the courts had no power to make an order for interest to be paid on unpaid arbitration awards unless the interest had actually been set by the arbitrators. Lawrence Graham notes that, under the 1996 Arbitration Act, a party seeking post-award interest must apply to arbitrators to provide for it in the award and, if the arbitrators forget to award it, must immediately apply for a correction or a further award. Imogen Rumbold, partner at Lawrence Graham and a Fellow of the Institute of Arbitrators, says, "The question of interest on awards is only one of the pitfalls ready to trap the unwary since both the practice and legal basis of London arbitration and civil court procedures have both been extensively overhauled in the last few years. "There is an increasing tendency for parties to handle smaller cases without taking independent legal advice. This can lead to useful cost savings but it can also lead to costly mistakes, especially when there has been a recent change of legislation or practice." Yuriy Savych, Ukraine-born managing director of UK-based shipmanager Genmar Shipping, says that, while results are not always as predictable as a court judgment might be, London arbitration does work. He adds, though, that, "We can win a dispute but still get nothing, if the other party goes out of business. Everybody in shipping should have some sort of performance guarantee insurance. That way we could all avoid defaults."

Maritime Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter July 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Unipec: U.S. ANS Destined for Sinopec

Arbitrage opens after ANS discount widen on ample supplies. Unipec, the trading arm of top Asian refiner Sinopec, has bought two U.S. crude cargoes, including

G6 Updates Asia-North America West Coast Service

Two services will be merged into one until further notice / Reason is change in market demand / All other services remain unchanged. Members of the G6 Alliance

IRClass First to Certify Indian Recycling Yards per EU Standard

IRClass is amongst the first organizations in the world to certify ship recycling yards according to EU standards as an ‘Independent Verifier’. IRClass Systems and Solutions Pvt.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Standards Navigation Pipelines Port Authority Ship Electronics Ship Repair Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0706 sec (14 req/sec)