ICSAS Features

Main features of arbitration conducted under the auspices of the International Commodity & Shipping Arbitration Service (ICSAS)

ICSAS provides an arbitration service which is available for use in dispute resolution for all commodity trades and for all types of shipping contracts. The service recognises that the terms and principles which govern trade in most, if not all, commodities are essentially the same and that therefore all trade disputes are capable of being determined under the same system. All maritime disputes may also be determined under the same system. However, there are obvious differences between trade and maritime disputes and therefore different arbitration rules apply. Trade disputes are referred to arbitration under the Commodity Arbitration Rules (either single tier arbitration or with an appeal system, according to what the parties prefer). Maritime disputes are referred to arbitration under the single tier Maritime Arbitration Rules.

The features of the system are as follows:

· It is universal. It is applicable to any commodity traded anywhere in the world and to all types of shipping contracts.

· It is commercial. Trade disputes are resolved by experienced trade arbitrators and maritime disputes are resolved by experienced maritime arbitrators.

· It is efficient. The system is geared to efficient administration. From the time when a dispute is referred to arbitration to the time when an award is published the arbitration process is supervised by the Secretary. It is his duty to ensure that arbitrators always have in mind that the object of arbitration is to obtain the fair resolution of disputes without unnecessary delay or expense.

· It is cost-effective. The Secretary is responsible for ensuring that the overheads of the arbitration service are kept to a bare minimum. The administration fees are lower than those charged by other London arbitration services. Arbitrators’ fees, by reference to hourly rates, are in line with what commodity and maritime arbitrators usually charge, but the time recorded by arbitrators is reviewed by the Secretary and the parties will only be charged such time as is considered reasonable in the circumstances of the particular case.

· It is professional. ICSAS arbitrators are very experienced. A clear, reasoned award, scrutinised by the Secretary whose task it is to see that all awards are issued promptly and are of a high, professional standard, will be issued in every case.

· It is quick. The length of the pre-hearing stage of any arbitration is dependent on the complexity of the case. ICSAS arbitrators are pro-active and will always ensure that the arbitration proceeds as swiftly as is consistent with fairness to both parties. ICSAS has a target to issue awards no later than four weeks after the hearing has taken place or, as the case may be, after the date when the parties have been informed that the arbitrators intend to determine the dispute.

· It is financially secure. Any monies paid to ICSAS, either on account of the costs of the arbitration or as security for the sum claimed in the arbitration, are held in the client account of the Secretary under Law Society rules.

· It is dedicated. ICSAS has no function other than to provide an arbitration service. It does not engage in other activities, which would increase its overheads and would have to be financed.