Circular 2017 001 – LMAA Terms 2017
Assureds are aware that more maritime disputes are referred to arbitration in London than to any other place in the world. Arbitrations in London are conducted under the Arbitration Act 1996, usually on LMAA Terms. These Terms have been altered from time to time and very recently “New LMAA Terms and Procedures” have been published applying to arbitration proceedings commenced on or after 1 May 2017.
The changes are designed to ensure that the arbitration rules are maintained in line with current and best practice to ensure an efficient resolution of disputes referred to LMAA arbitration in London. The attached Circular highlights some of the most important changes which include an increase in the recommended limit for the application of the LMAA Small Claims Procedure to USD100,000.
Read or download Circular 2017 001 LMAA Terms 2017 (pdf)
Please contact the Club if you have any enquiries concerning the new LMAA Terms and Procedures.