London Maritime Arbitration
The questions of which party is to pay the costs of the arbitration, and the amount which that party is to pay, are of vital importance to the parties. Unless the parties and the arbitrator take steps to control them, the costs incurred in pursuing an arbitration may become disproportionate to (and possibly even exceed) the sums at stake. Not only does this mean that issues as to costs may be as hard-fought as the substantive issues referred to arbitration, it also means that cost may be a powerful factor in assessing whether to settle a case.
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