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."

Legal

MN100: MOPS Marine License Insurance

The Company: Since 1935, MOPS Marine License Insurance has defended the USCG licenses of mariners operating in every maritime sector in the United States. Its network of over 80 maritime law firms,

OSV firm Farstad Continues Restructuring Talks

Supply firm Farstad Shipping's CEO Karl Johan Bakken repeats is in stand-still agreement with lenders until Oct. 1   Notable disclosures: * CEO says is talking

Banks Halt Support for Hanjin

A bankruptcy would be biggest ever for a container shipper. Hanjin Shipping Co's banks are halting support for the South Korean company, its lead creditor said,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Naval Architecture Navigation Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.0650 sec (15 req/sec)