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Tuesday 28 March


 

With the introduction by the LMAA of The Intermediate Claims Procedure (2009) designed to deal with claims of between USD 100,000 and 400,000, the LMAA has worked with BIMCO to produce some recommended additional wording for its Dispute Resolution Clause/Law and Arbitration Clause 1998. The new procedure is intended to limit the cost of arbitrating to suit a wide range of shipping and commodity related disputes. It has been designed to enable any party using arbitration to settle a commercial dispute to predict the cost of proceeding from the outset of the case. For anyone wishing to incorporate the new Intermediate Claims Procedure into their charter parties or other agreements.  The LMAA has teamed up with BIMCO and drafted a suitably worded provision replacing the previous BIMCO/LMAA Arbitration Clause, which appears on this website under Arbitration Clauses”.

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