Book Description

Theory, Law and Practice of Maritime Arbitration The Case of International Contracts for the Carriage of Goods by Sea Eva Litina It is estimated that over 80% of global trade by volume is carried by sea, making maritime transport a cornerstone of the global economy. Most disputes in the shipping industry are settled by distinctive, private arbitral proceedings that are best understood by a close examination of the standard form contracts that are used in practice and of the case law arising therefrom. Extrapolating insightfully from these sources, the author of this book examines in depth the phenomenon of maritime arbitration with a specific focus on contracts for the carriage of goods by sea. She offers the first comprehensive and comparative analysis of arbitral practice in the three jurisdictions where the most frequently selected maritime arbitral seats are located: London, New York, and Singapore. An analysis of the applicable rules and relevant case law in each jurisdiction provides the basis from which a comparative assessment of maritime arbitral seats is achieved. The book addresses the following key aspects of maritime arbitration: maritime arbitration’s definition, origins, theoretical underpinnings, socioeconomic context, and significance; the maritime-specific reasons for wide use of ad hoc versus institutional arbitration; the international instruments governing arbitration in contracts for the carriage of goods by sea; the shipping industry’s pursuit of self-regulation via standard form contracts; the arbitration agreement contained in standard form charterparties and bills of lading; maritime arbitration’s unique approach to judicial review, confidentiality, and arbitrator impartiality; the specific dispute resolution objectives that compel a comparative assessment of maritime arbitral seats; and the future of maritime arbitration in light of international political, financial, and technological developments. In addition to the three main maritime arbitral seats, the analysis touches on maritime arbitration in other relevant jurisdictions, such as Hong Kong, Greece, Japan, and Korea, thus affording a comparison of the process in common and civil law jurisdictions. The book concludes by considering the potential impact of the current international political landscape, and suggesting future perspectives and research in international maritime arbitration. An important addition to scholarship in this field of law, the book’s thorough assessment of the merits of the competing maritime arbitral seats—and its specific focus on maritime disputes—will prove of significant importance to arbitrators, law firms, in-house counsel of shipping companies, international organizations, and arbitration institutions and associations. Practitioners will discover all tools necessary to examine any case before the main maritime arbitral seats with full awareness of each applicable legal regime and its distinguishing features.