The LMAA Terms 2021: What’s new?


The London Maritime Arbitrators Association has recently published a revised version of its terms of procedure. A number of changes have been introduced including minor and key ones. The key revisions include such changes as additional guidance on the preparation and content of witness statements, requirements for parties to provide more detailed cost estimates within LMAA Questionnaire, virtual and semi-virtual hearings and a possibility of the LMAA president to appoint a substitute arbitrator when one of the original arbitrators becomes unable to conduct the proceedings or attend the hearing.

The new version of the LMAA Terms came into force on 1 May 2021. According to the section 4 of the LMAA Terms 2021 new terms will apply for arbitrations commenced on or after this date.

In addition to the changes of the main LMAA Terms the LMAA’s ICP (Intermediate Claims Procedure) and SCP (Small Claims Procedure) have been revised as well. The key changes to the ICP include updated arbitrator appointment procedure and revised witness statement guidance. The SCP received more changes to its procedure including such provisions as payment of the SCP fees is now a condition precedent in order to move forward with proceedings, predetermined position that reasoned awards should be produced by default (unless the parties agree otherwise) and clarification on possible procedures if the SCP is inappropriate and not applicable.

Thus, while the general approach for the people of commerce remains the same, there have been some procedural changes introduced, which are indeed of high importance when referring to arbitration.
Source: Interlegal, https://interlegal.com.ua





This article has been posted as is from Source

Leave A Reply

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.