Arbitration analysis: The Cairo Regional Centre for International Commercial Arbitration (CRCICA) has announced its plans to implement the revised CRCICA Arbitration Rules (Rules), marking the first set of comprehensive amendments to the Rules since 2011. The Rules, available here, have been formally adopted by the CRCICA Board of Trustees and are in force as of 15 January 2024. Amal Bouchenaki, Craig Tevendale, Stuart Paterson, Nick Oury, Laurence Franc-Menget, Jonathan Ripley-Evans, Lynn Moubarak and Cedric Saliba of Herbert Smith Freehills look at the Rules, their emphasis on procedural efficiency, new provisions, and technology and the arbitral process.

Banking & Finance analysis: The Commercial Court considered the subject of how Close-out Amount is calculated under the 2002 ISDA Master Agreement, including whether it is open to a Determining Party to remake a determination of Close-out Amount and whether the determination of the Close-out Amount only required a rational decision to be made or instead whether that decision had to be objectively reasonable.

THIS PRACTICE NOTE APPLIES IN RELATION TO DEFINED BENEFIT OCCUPATIONAL PENSION SCHEMES Sections 75 and 75A of the Pensions Act 1995 (PA 1995) impose an obligation on a statutory employer in relation to a defined benefit occupational pension scheme to fund any shortfall in scheme funding upon the occurrence of certain events. A debt triggered under either of these sections is referred to as a ‘section 75 debt’ or 'employer debt’. The finer details as to how sections 75 and 75A apply are set out in the Occupational Pension Schemes (Employer Debt) Regulations 2005, SI 2005/678 (the Employer Debt Regulations), although the Occupational Pension Schemes (Deficiency on Winding Up etc) Regulations 1996, SI 1996/3128 may also be relevant (see Calculating the section 75 debt: single-employer schemes, below). For further information on section 75 debts and circumstances in which they can be triggered, see Practice Note: When is a section 75 debt triggered? Who is responsible for calculating the section 75 debt? Since 6 April 2008,

This Practice Note explains how you calculate a week’s pay under sections 220 to 229 of the Employment Rights Act 1996 (ERA 1996) for the purposes of compensation for a breach of statutory employment rights. It looks at the different statutory rights for which a week’s pay is relevant, including statutory minimum notice, redundancy payments, basic award for unfair dismissal, additional award for unfair dismissal, maximum compensatory award for unfair dismissal, protective award for failure to consult under the Trade Union and Labour Relations (Consolidation) Act 1992, failure to inform and consult under TUPE 2006, failure to provide written particulars of employment and statutory holiday pay. It looks at the calculation date, how a week’s pay is calculated for employees with normal working hours and no normal working hours, what the pay calculation includes and the different types of hours, payment structures that may apply and distinctions that apply in the case of calculating a week’s pay for the purposes of statutory holiday pay. The concept of ‘a week’s pay’, calculated in accordance with ERA 1996, ss 220–229,

FORTHCOMING CHANGES: In measures expected to come into force on 1 October 2026, time limits for making certain claims in employment tribunals in Great Britain (and, in certain cases, industrial tribunals in Northern Ireland) will be increased from three months to six months. The changes are set out in section 152 of the Employment Rights Act 2025 (ERA 2025) and ERA 2025, Schedule 12 (not yet in force), and in The Employment Tribunals Extension of Jurisdiction (England and Wales) (Amendment) Order 2026 (draft), The Employment Tribunal (Extension of Time Limits) (Miscellaneous Amendments and Transitional Provisions) Regulations 2026 (draft) and The Employee Study and Training (Procedural Requirements) (Amendment) Regulations 2026, SI 2026/473. This Practice Note will be updated as soon as the relevant statutory instruments are made. For more information, see Practice Note: Employment Rights Act 2025—tracker. This Practice Note considers time periods set and used in the procedural conduct and case management of employment tribunal litigation subsequent to the presentation of a claim. It covers the various ways in

This Checklist sets out a methodology to apply when estimating or reviewing a penalty imposed by the Competition and Markets Authority (CMA) or a sectoral regulator with concurrent competition powers for breach of the Chapter I and/or Chapter II prohibitions under the Competition Act 1998. For detailed analysis, see further: Penalties in UK competition cases—Steps to determine the amount of penalty. For the CMA’s fining methodology, see further: CMA’s guidance as to the appropriate amount of a penalty (CMA73). Can a penalty be imposed? First, confirm whether the CMA (or relevant sectoral regulator) may impose a penalty. A penalty may be imposed only if the CMA is satisfied that an undertaking has committed an infringement of the Chapter I and/or Chapter II prohibitions intentionally or negligently. A penalty may be imposed on the undertaking, including any parent company found liable. Where more than one legal entity forms part of the same undertaking, liability for the penalty may be joint and several. In particular, consider: • has the CMA (or sectoral regulator) established an infringement of

This is a quick reference checklist to assist with calculating whether the proposed salary for an employee to be sponsored under the Skilled Worker route will meet the relevant thresholds for eligibility under the route (the general threshold and the going rate). In particular, it assists with providing the formulae that are required for the relevant pro-rating calculations. Note that, when planning a worker’s salary under the route, a sponsor will first need to ensure that the salary will be paid in accordance with the relevant Immigration Rules around pay periods (ie how often the salary paid, and related matters). See Practice Note: Sponsoring a Skilled Worker—How is salary calculated? There are three steps to calculating eligibility: • Step 1—finding out what is the general salary threshold and what is the going rate that will apply. This aspect is not covered here. For guidance, see the tables in Practice Note: Skilled Worker—salary and skill level eligibility tables • Step 2—gathering the relevant information to input into the calculations • Step 3—carrying

Inflation calculators These calculator tools will calculate indexation figures applying either RPI or CPI. They are useful for determining the effect of inflation on sums such as indexed rent reviews, service charge caps, deferred consideration,

IP analysis: Following Deputy Judge Karet’s 20 April 2021 quantum ruling in FBT Productions v Let Them Eat Vinyl Distribution Ltd, FBT Productions applied to be awarded interest on their £7,452.50 award of damages. Deputy Judge Karet awarded interest of £946.46 using UK interest rates.

NOTE: On 2 December 2024, the Lord Chancellor announced that the discount rate would change to positive 0.5%. The positive 0.5% discount rate is effective from 11 January 2025. Schedule A1 to the Damages Act 1996 provides that subsequent reviews are to take place within five years of the conclusion of the previous review which means that the next review must commence on or before 2 December 2029. Life expectancy statistics Tables providing life expectancy are prepared and released by the Office for National Statistics (ONS). These tables are now referred to as Life Tables and are published once a year. The figures contained in the tables are derived from population estimates and information on births and deaths over a three-year period. They set out the number of years that a person could, on average, expect to live from any age from 0 to 100. There are separate tables in respect of males and females. The tables of course do not and cannot provide more specific information about

Banking & Finance analysis: The decision of the High Court in Lehman Brothers Finance AG (in liquidation) v (1) Klaus Tschira Stiftung GmbH (2) Klaus Tschira Beteiligungs & Co KG has helped clarify how much latitude a non-defaulting party has when calculating loss under the 1992 ISDA Master Agreement. Helen Carty, partner, and Jonathan Caunt, senior associate, at Clifford Chance, who acted for the two defendants, say the judgment is ‘evolutionary, not revolutionary’.

Claims for loss of earnings are common in personal injury claims and are often the largest head of damages. This Checklist outlines the considerations to take into account when valuing past loss of earnings. For valuing general damages such as pain, suffering and loss of amenity (PSLA), see: Valuing general damages—checklist. Considerations Details Potential evidence Further reading 13-week approach For claimants in steady work, the pre-accident net earnings are calculated by reference to the average over the three-month or 13-week period before the accident. —payslips for the three-month / 13-week period before the accident Practice Note: Past loss of earningsCommentary: Earnings: Butterworths Personal Injury Litigation Service [1303]–[1366] Alternative approach If an average based on the preceding 13 weeks is not appropriate / representative, eg for seasonal work, variable earnings, bonuses, one or more weeks were exceptional, holiday or overtime, then the preceding 6, 12, 24, or even 36 months should be used to calculate an average.This approach may also be appropriate where the earnings loss to be recovered will be over