A General Review Regarding Maritime Arbitration in London

Abstract

Due to some reasons such as the need for secrecy, the protection of reputation, the fact that the disputes are resolved quickly and by experts in the field, arbitration has become the most popular method to be used in maritime disputes across the world. In practice, it seems that in many international commercial agreements, the arbitration venue is provided as London, and the law to be applied to the arbitration is English law. Within this scope, around the world, rather than arbitration institutions like ICC, especially LMAA with its ad hoc arbitration process is considered to be the most applied association. Consisting of many expert arbitrators in maritime disputes, LMAA has updated its arbitration rules of three sets along with its independent rules-FALCA Rules. Moreover, before the arbitration process begins, it is possible for parties to a dispute to sign an agreement voluntarily with an evaluator in order to obtain an early neutral evaluation. As being a form of an alternative dispute resolution method, in this process, parties apply to the evaluator for his objective and realistic opinion. However, in case that the dispute cannot be solved at any stage until arbitration, in this study, the LMAA Terms to be applied and the procedure regulated in these Terms should be examined and some matters regarding arbitral tribunals and legal remedies against tribunal awards should be discussed.