The London Chamber of Commerce and Industry (LCCI) has expanded its dispute resolution services by launching the London Chamber of Arbitration and Mediation (LCAM) on 26 May 2020.
The LCAM offers parties two different arbitration procedures, with arbitrations administered by the LCAM secretariat under the main LCAM Arbitration Rules. There are also Expedited Arbitration Rules, for parties opting for faster resolution of their dispute. The LCAM currently has a 17 member arbitrator panel and a 13 member mediator panel, notably comprising 11 female arbitrators and 7 female mediators respectively.
In arbitrations conducted under the LCAM Arbitration Rules, administration fees will be fixed, with a sliding scale based on claim value. Arbitrators’ fees are charged on a set hourly rate, again based on claim value.
The Expedited Arbitration Rules dispense with a final hearing and provide for a simplified documents-only process, with an award to be delivered within 6 months and fixed costs. This process is in practice likely to be used for small claims, given that legal costs recovery is capped at a maximum of £4,000 for claims/counterclaims under £100,000 and £6,000 for claims/counterclaims above £100,000.
The LCAM will also be administering mediations, under its Model Mediation Procedure. Fixed fee mediation is offered, on the basis of a sliding scale related to claim value.
The LCAM has stated that the organisation will be using blockchain technology for document management and administration, in the interests of confidentiality and cyber-security.
For more information, please contact Craig Tevendale, Partner, Rebecca Warder, Professional Support Lawyer, or your usual Herbert Smith Freehills contact.
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