So senior executives and members of the London Maritime Arbitrators’ Association (LMAA) were keen to share their knowledge with Singapore’s shipping fraternity earlier this week.
The message delivered was that shipping industry players need to pay particular attention to the wording of arbitration clauses in contracts to clear up any ambiguities or uncertainties on how disputes will be resolved.
LMAA president Clive Aston notes that too many arbitration clauses in contracts were vague, one-line sentences stipulating only the location in which any arbitration would take place.
He
