London Maritime Arbitrators Association (LMAA)
London Maritime Arbitrators Association (LMAA) has been established for the purpose of maritime arbitration in London in compliance with the Arbitration Act 1996. Under dispute settlement, arbitrators refer to LMAA Terms compliant with provisions of the Arbitration Act 1996. LMAA membership usually makes up 40-50 valid members. For the purpose of comprehensive communication with potential participants of LMAA arbitration proceedings and LMAA regional representation outside the UK, LMAA has also over 700 associated members worldwide.
LMAA Terms are deemed as London Maritime Arbitrators Association arbitration rules applicable to dispute settlement by arbitration. The current valid wording 2012 replaced the previous wording 2006.
Disputes to be settled by LMAA
LMAA arbitrators settle all types of disputes arising in shipping and stipulated by arbitration agreement between the parties.
Disputes settled by LMAA usually arise from performance of charter parties, bills of lading, shipbuilding contracts, vessel sale agreements, cargo shortage, damage or loss, demurrage, unpaid freight, discrepancies between the parties concerning lease and other grounds typical of shipping. LMA arbitrators settle also other types of disputes, in particular: goods sale agreements, commission fees for brokers, unpaid bunkering etc.
LMAA advantages against other arbitration institutions
- Flexible LMAA principal arbitration procedure which provides an opportunity of case consideration upon the documents without oral hearings, with essential decrease of arbitration costs.
- The parties may agree on other LMAA rules and procedures for dispute settlement:
- LMAA Small Claims Procedure,
- LMAA Intermediate Claims Procedure,
- LMAA FALCA Rules - Fast and Low Cost Arbitration.
- The main features of such procedures are low arbitration costs, short consideration terms and clear structure of arbitration proceedings.
- In the framework of proceedings, the parties may be represented not by the English but by the local lawyer whom they trust and whose services are much cheaper.
- Filing a claim does not provide any payments except the arbitrator appointment fee.