Arbitration clause:

bullet There may be an arbitration clause in Charter Party.
bullet This may define:
bullet Place of arbitration.
bullet Number of arbitrators.
bullet Appointment of umpire if arbitrators cannot aggree.

 

Arbitrators:

bullet Professionals, with good knowledge in maritime laws.
bullet To decide matters in dispute between two parties to a shipping related contract eg charter party.
bullet Arbitration is alternative to litigation.

 

Advantages of arbitration:

bullet Greater convenience than court.
bullet Faster settlement.
bullet Less formality than the court.
bullet Expert knowledge of arbitrators.
bullet Lower cost.
bullet Less publicity.

 

 

 

       Updated: 17 September, 2007