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LCIA
The London Court of International Arbitration is one of the world's leading International Institutions for dispute resolution.
LCIA's headquarters is situated in London. The LCIA provides a forum for dispute resolution proceedings. It specializes in various forms of alternative dispute resolution including arbitration and mediation. The LCIA operates under a 3- tier structure. It comprises of the Company, the Arbitration Court, and the Secretariat. The LCIA board is made up of prominent London-based arbitration practitioners in commercial arbitration.
The LCIA Court is the final authority for the application of the LCIA Rules. Its main functions are determining challenges to arbitrators, appointing tribunals, and controlling costs. The Secretariat is responsible for the day-to-day administration of all disputes referred to the London Court Of International Arbitration.
Any party who wishes to commence arbitration under the LCIA Rules must deliver a written request for arbitration to the register of the LCIA court containing all details including the terms of the arbitration agreement invoked by the claimant, a summary of the nature and circumstances of the dispute. confirmation of the fee paid or being paid including all accompanying documents.
The LCIA's role in the arbitration is to appoint an arbitrator(s), monitor the progress of the arbitration, manage payments to the arbitrators, and in case of practical matters, arrange for a venue for the hearing.
Parties need not be members of the LCIA to choose their services. Arbitrators can be chosen by the parties or by the LCIA.
The LCIA also offers emergency arbitration and expedited appointments to facilitate faster proceedings.
Arbitration under LCIA is a private process and has a strict confidentiality obligation which applies to the parties, The Court, and the arbitrator. No document or any information relating to arbitration proceedings will be made public unless the parties agree to it.
History
In 1883 the Court of Common Council set up a committee to establish a tribunal for arbitration of domestic and transnational commercial disputes arising within the city of London. In 1884, the committee submitted its plan for Tribunal that will be administered by the City Corporation. The scheme was finally adopted in April 1891 and the Chamber was formally inaugurated on 23rd November 1892.
In 1981, the name of the court was changed to the London Court of International Arbitration. In 1986, the London Court of International Arbitration became a private not-for-profit company independent of its funding bodies. Sir Michael Kerr was the first president of the LCIA Court.
This article does not intend to hurt the sentiments of any individual, community, sect, or religion, etcetera. This article is based purely on the author’s personal opinion and views in the exercise of the Fundamental Rights guaranteed under Article 19(1)(A) and other related laws being enforced in India for the time being.
This article does not intend to hurt the sentiments of any individual, community, sect, or religion, etcetera. This article is based purely on the author’s personal opinion and views in the exercise of the Fundamental Rights guaranteed under Article 19(1)(A) and other related laws being enforced in India for the time being.
- LCIA
- International Arbitration
- LCIA Rules
