London Welcomes You!
London is not only a safe harbour for ‘voluntary exiled’ out-of-favour oligarchs, but also a location of one of the world’s leading institution for commercial dispute resolution, the London Court of International Arbitration (LCIA) (http://www.lcia.org).
The London Court of International Arbitration was officially set up in 1892 as the London Chamber of Commerce. In 1903, it was re-named the “London Court of Arbitration”. And in 1981, the name of the Court was changed to the “London Court of International Arbitration”. This institution provides an effective service for the conduct of arbitration to resolve disputes arisen in every part of the world with wide and varied subject matter of contracts in dispute, covering all aspects of international commerce. Although the LCIA has the qualified arbitrators data base, the parties to the dispute may nominate their own arbitrators.
The LCIA Arbitration Rules may be applied in any legal system. These Rules are often used for the ad hoc arbitration (i.e. the arbitral tribunals appointed by the parties or by an appointing authority chosen by the parties when the appointing authority will normally have no other role and the arbitration will be managed by the tribunal after it is formed), even when the LCIA is not involved in dispute resolution process.
Due to the confidentiality reasons, the LCIA does not publish its awards in the disputes previously resolved.
In 2012, the London Court of International Arbitration received 256 requests for arbitration which is by 18.3 percent more than in 2011. For the first half of 2013, one award of the LCIA was recognized in Ukraine. The amount of the award was 87,616.20 euro (and additional 6,503.17 GB pound sterling of the arbitration costs). There were no other requests for recognition of the LCIA arbitral awards in Ukraine during this period.