As practice shows, using English law for resolution of international financial disputes has several distinct advantages to it. In particular, it:
- ensures transparency & fairness;
- respects the freedom of parties to enter into a contract.
The most popular way of initiating arbitration in Great Britain consists in referring a matter to a London-based arbitration tribunal. Adjudicators of the British Commercial Court are totally independent & have extensive experience in resolving international disputes.
There’s other advantages to initiating arbitration in London, such as:
- clear & transparent legal framework;
- availability of judicial support;
- maintenance of neutrality.
Entrepreneurs seeking to resolve a dispute in Great Britain should keep in mind the following arbitration institutions headquartered in London:
- Commercial Court - specializes in resolving international & domestic financial disputes in Great Britain (especially those of them that center around insurance/reinsurance, banking, financial markets, shipping, etc).
- LCIA - administers arbitrations in accordance with its own rules, adjudicating disputes related to international trade, finance, transport & supply.
- LMAA - responsible for maritime arbitration in London; suitable for the resolution of commercial disputes in Great Britain (e.g. commercial shipping & shipbuilding), as well as disputes related to the offshore exploration of oil and gas.
Administering Arbitrations Amid the COVID-19 Pandemic
British courts, especially those of them specializing in administering arbitrations related to disputes in the commercial sector, were quick to respond to the coronavirus pandemic. They have taken a number of measures aimed at offsetting the impact of the pandemic & enabling parties to settle disputes in London remotely.
In particular, new legal provisions have been introduced to regulate the use of technology in dispute resolution in Great Britain. The impact of the coronavirus pandemic on international logistics has led to hearings being held remotely.
Considering resolving a financial dispute in London? Need advice on arbitration regulation in Great Britain? Please consider contacting IQ Decision UK.