Dispute Resolution Clause 2016 - US Law, New York Arbitration
Posted:
17 October 2016
Overview
Venue-based clause (for use when incorporating an agreed choice of law and arbitration into a charter party or other agreement).
BIMCO Standard Dispute Resolution Clause 2016 - US Law, New York Arbitration
This Contract shall be governed by US maritime law or, if this Contract is not a maritime contract under US law, by the laws of the State of New York. Any dispute arising out of or in connection with this Contract shall be referred to three (3) persons at New York, one to be appointed by each of the parties hereto, and the third by the two so chosen. The decision of the arbitrators or any two of them shall be final, and for the purposes of enforcing any award, judgment may be entered on an award by any court of competent jurisdiction. The proceedings shall be conducted in accordance with the SMA Rules current as of the date of this Contract.
In cases where neither the claim nor any counterclaim exceeds the sum of USD 100,000 (or such other sum as the parties may agree) the arbitration shall be conducted in accordance with the SMA Rules for Shortened Arbitration Procedure current as of the date of this Contract.
Related clauses
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- BIMCO Standard Dispute Resolution Clause 2016
- BIMCO Standard Dispute Resolution Clause 2017 (Developed to re-introduce of the LMAA Intermediate Claims Procedure)
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Alternative arbitration centres
BIMCO recognises that there is a growing number of newer maritime arbitration venues offering their services to the industry. To assist users who wish to resolve their disputes using arbitration services outside the main London, New York and Singapore venues, BIMCO has prepared a list of links to alternative arbitration centres where users can find out more information about these venues.
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