Whilst the Arbitration Act 1996 (the Act) may be 25 years old this year, the key aims behind the Act, including that of upholding the finality of the award, continue to be reinforced by the courts. Last week the Courts and Tribunal Judiciary published the 11^th edition of the Commercial Court Guide. As well as introducing a number of changes reflecting the impact of Covid-19, the amendments made notable changes to section O (Arbitration), consistent with the arbitration-friendly approach the English courts steadfastly adopt, in supporting the finality of arbitral awards and discouraging speculative challenges.

By Amanda Montano, Associate, and Theodora Okocha, Trainee

Although parties rarely consider dispute resolution provisions in any great detail at the contractual negotiation stage of a transaction, they should. Time spent on considering these issues at the outset will ultimately prove to be invaluable down the road should a dispute occur, saving time, costs and energy in the long run.

At the latest Trade & Export Finance Webinar, we looked at key considerations parties should take into account when opting for litigation versus arbitration and offered some practical tips to bear in mind for drafting dispute resolution provisions for your contracts.