LMAA arbitration – quietly big, on the increase and not just for maritime disputes
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Arbitration is a popular option for parties seeking a binding form of dispute resolution that is confidential, flexible, and produces an outcome (an award) that is capable of enforcement across most of the globe, via the New York Convention.
Arbitration agreements often incorporate institutional arbitration rules (e.g. London Court of International Arbitration – LCIA, Singapore International Arbitration Centre – SIAC, or International Chamber of Commerce - ICC), which then provide the framework and rules for the arbitration in the event of a dispute and the arbitration is also administered by the institution itself. However, for sectoral disputes, such as maritime disputes, parties may prefer to incorporate sector or trade specific arbitration rules, such as the London Maritime Arbitrators Association (LMAA) Terms and Procedures.
We explore the LMAA and its increased popularity in more detail in this short article.
The LMAA
The LMAA is an association of practising maritime arbitrators founded in 1960. Not being an institution, the LMAA does not administer arbitrations and so no administrative fees are charged. The majority of members are former solicitors or barristers with significant maritime dispute experience. However, there are members who work(ed) in non-legal roles, often within the maritime industry, such as maritime engineers, insurance claim executives and ship managers.
Currently, LMAA arbitration runs under the LMAA Terms 2021, however the LMAA also offers a…
