Current Operations and Administration
The LCIA remains one of the bigger permanent international arbitration institutions today. It promulgates its own rules and procedures, which are frequently adopted in ad hoc arbitrations even where the LCIA itself is not involved.
The LCIA is formed as a not-for-profit company limited by guarantee. The LCIA Board of Directors (made up largely of prominent London-based arbitration practitioners) is concerned with the operation and development of the LCIA's business and with its compliance with applicable company law.
The Board does not have an active role in the administration of dispute resolution procedures, though it does maintain a proper interest in the conduct of the LCIA's administrative function.
The LCIA Court is the final authority for the proper application of the LCIA Rules. Its key functions are appointing tribunals, determining challenges to arbitrators, and controlling costs.
Although the LCIA Court meets regularly in plenary session, most of the functions to be performed by it under LCIA rules and procedures are performed, on its behalf, by the President, by a Vice President or by a Division of the Court.
The Court is made up of up to thirty five members, selected to provide and maintain a balance of leading practitioners in commercial arbitration, from the major trading areas of the world, and of whom no more than six may be of UK nationality.
Among other parties, the 2006 Softwood Lumber Agreement between the United States and Canada establishes a dispute settlement mechanism based around the LCIA for the two parties' international trade issues regarding softwood lumber.
Read more about this topic: London Court Of International Arbitration
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