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The London Court of International Arbitration: An Arbitration Pioneer
The London Court of International Arbitration (LCIA) is an institution meant to deal with arbitration cases at an international level formally established in London in 1903. This institution has been famous for its excellent administrative organisation and its performance in furthering and improvising dispute resolution concepts via arbitration and mediation, and conciliation. The establishment of the LCIA was formed to resolve disputes without letting the limitation of geographical differences affect alternative dispute resolution procedures.
Venture in India
The LCIA India was established in 2009 in the city of New Delhi, with a view of allowing arbitration procedures in India to be carried out at a standard, which not only matches the expenses but as well as the quality of procedures that were carried out in the London headquarters, the more significant aspect of LCIA India, deals with more of the administrative purposes of the institution rather than contributing to legal services that are available in terms of alternative dispute resolution.
Owing to the international nature of the organisation, the operation in India focuses on reiterating the rules that already exist as part of the organisation, acting as a guideline for the arbitrators on their conduct and how to deal with cases that are international while ensuring that they are following the rules of the LCIA.
Impact of LCIA
The most significant contribution of LCIA India has been in subsidising the cost of arbitration which has made it a more attractive alternative in comparison to litigation, primarily because they have focused on ensuring that the framework surrounding the cost of arbitration is efficient and have made an active effort in increasing awareness and bringing focus to the point that arbitration is not less cost-effective in comparison to in court litigation, which is the general perception of the public in India.
Due to this effort of destigmatising alternative dispute resolution methods, especially arbitration, the LCIA encouraged many commercial companies and organisations to opt for arbitration to resolve their disputes. It proved to be a success due to their impressive work towards making arbitration costs acceptable and dependent on the conduct of the parties and the arbitrators, which further encouraged the maintenance of amicable behaviour during the proceedings.
Conclusion
While the prestigious organisation of LCIA was remarkable in spreading awareness regarding arbitration and arbitration costs in India, it must be said that there were not many cases to be handled by them despite their efforts, which resulted in their short-lived life span in India. The Indian headquarters of LCIA closed down in 2016. The pending cases were transferred to the London headquarters; however, it does not take away from the contribution and benefits that the establishment of this organisation in India had.
This Article Does Not Intend To Hurt The Sentiments Of Any Individual Community, Sect, Or Religion Etcetera. This Article Is Based Purely On The Authors Personal Views And Opinions In The Exercise Of The Fundamental Right Guaranteed Under Article 19(1)(A) And Other Related Laws Being Force In India, For The Time Being. Further, despite all efforts made to ensure the accuracy and correctness of the information published, White Code VIA Mediation and Arbitration Centre shall not be responsible for any errors caused due to human error or otherwise.
- Venture in India
- Impact of LCIA
- Conclusion
