09 November 2011 #Dispute Resolution
The UK came out top in a recent survey conducted by the Chartered Institute of Arbitration on the cheapest place in Europe to hold an international arbitration.
Parties to commercial contracts often name London as the place where they want their disputes resolved. Sometimes one or both parties will be located in the UK but arbitration in the UK also happens where both parties are based overseas.
One of the benefits of arbitration is the flexibility it allows parties to decide in advance exactly how their disputes will be managed and resolved. English law is held in high regard overseas and the English legal system is recognised for the quality and impartiality of its judges and arbitrators. This is one of the reasons why several of the recent claims involving Russian Oligarchs have come before the High Court in London despite the cases mainly involving events outside the UK. This is also a key factor behind the success of the UK as a venue for international (and domestic) arbitrations.
Additionally, under the rules of one arbitration body (the LCIA), London is deemed to be the chosen unless the parties specify otherwise. On average, costs incurred by Claimants in arbitrations in Europe were found by the Chartered Institute of Arbitration to be 10% higher than arbitrations in the UK.
Clarkslegal LLP has considerable expertise in acting in international and domestic arbitration and we are often asked to advise on the drafting of arbitration clauses to be inserted in contracts.
