"The Role of Arbitration in the Dispensal of Justice" Does Arbitration Maintain the Advantages it Traditionally Enjoyed? Nathan Searle, Senior Associate London 18 November 2014

Advantages of arbitration Extensive enforcement network under New York Convention Flexible Neutral Party autonomy Parties choose tribunal Parties can choose place of arbitration Finality Private 2 Confidential (with some exceptions) Speed Cost

Enforceability - New York Convention Convention on the Recognition and Enforcement of Foreign Arbitral Awards 1958 Extensive network for enforcement Ratified by 153 states Contracting states required to enforce valid arbitration agreements Limited grounds for refusing enforcement of awards 3

States that have ratified the New York Convention 4 ratified not ratified

Recent innovations IBA Guidelines on Party Representation in International Arbitration 2013 Recent updates to institutional rules: –LCIA Rules 2014 –SIAC Rules 2013 –ICC Rules 2012 –UNCITRAL Rules 2010 and 2014 Emergency arbitrators Joinder & consolidation provisions Improvements in procedural efficiency New arbitration centres Documents only and on-line arbitration 5

A quick way to justice? Time and costs – what is a fair comparison? Justice vs time & cost Quality = time + cost Time and cost are factors of party autonomy 6

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