London Arbitration 14/94

Arbitration tribunal considers important principles relating to the award of costs in arbitrations where claimants failed to beat an offer made by respondents which lapsed after 21 days

Having made two interim awards, the arbitration tribunal (comprising two very experienced London maritime arbitrators and a QC practising at the Commercial Bar) now had to consider the question of interest and costs. There was no dispute as to interest, but there were issues relating to costs.