The following Arbitration practice note produced in partnership with Shawn Kirby of Wikborg Rein provides comprehensive and up to date legal information covering:
The London Maritime Arbitrators Association (LMAA) Terms 2017 (the Terms) apply to arbitrations commenced on or after 1 May 2017 where the parties have agreed that they apply. The Terms replaced the 2012 version (LMAA Terms 2012) which apply to arbitrations commenced between 1 January 2012 and 30 April 2017. Relevant differences, including paragraph numbering, are noted below.
There is an express obligation in the Terms for the parties and tribunal to 'actively consider ways to make the arbitral process as cost-effective and efficient as possible' (Second Schedule, paragraph 13) (not present in the LMAA Terms 2012). That requires, inter alia, that the parties adhere to procedures set out in the Second and Fourth Schedules, unless an alternative approach can be justified in the interests of efficiency.
Costs in LMAA arbitrations can vary widely depending on the nature of the dispute and the approach taken by the parties and tribunal.
Unlike other arbitral rules, there is no central body to administer their application so there are no institutional overheads to cover. The only fees paid by the parties, beyond their own legal expenses and disbursements, are to the arbitrators themselves.
In respect of the parties' costs, that is one matter which the parties are obliged to declare in the LMAA Questionnaire (the Questionnaire) (see: LMAA—commencement and arbitration procedure—The LMAA Questionnaire) that is exchanged after the
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