LMAA TERMS 2017

LMAA TERMS 2017

“Among the new changes adopted is the addition of paragraph 11 which addresses the appointment of a sole arbitrator where there has been a failure to comply with an arbitration agreement for arbitration by a sole arbitrator. In particular, if within 14 days of one party calling for arbitration, the parties have not agreed upon a sole arbitrator, then either party may apply in writing for the appointment of a sole arbitrator by the President of the LMAA.

These new terms are in contrast to the procedure currently in place, which is governed by the Arbitration Act 1996. The Act calls for the parties to jointly appoint a sole arbitrator not later than 28 days after service of a request in writing by either party. If there is no agreement, then any party to the arbitration agreement may apply to the court, which would then exercise its powers under the Act to make the appointment.

The new LMAA terms will apply to arbitration proceedings commencing on or after 1 May 2017.”

Vasilis Bikakis
E. G. Arghyrakis & Co.
08th February 2017