Arbitration in action
Friday, March 25, 2011
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This story about BP, Russian oligarchs and a $16bn contract that now lies in tatters is a good example of an arbitration procedure, originating (presumably) from a Scott v Avery clause. As your students will know, the arbitrator’s decision is legally binding on the parties under s58 of the Arbitration Act 1996 - in contrast to the outcomes of other forms of ADR such as mediation and conciliation.
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