Justin Williams Quoted in Law360 on Navigating an Arbitration Through the ICC
Law360 has quoted Akin Gump litigation partner Justin Williams in the article “4 Things To Know So Your ICC Arbitration Runs Smoothly,” which discusses navigating through—and winning—a case before the International Chamber of Commerce’s International Court of Arbitration.
Williams said the court is often regarded “as the gold standard in terms of administration of arbitration. It’s highly experienced, very professional and a well-oiled machine.”
One factor to consider when choosing arbitration, according to the article, is the potential cost since the parties will be responsible for compensating the arbitrators for their time and efforts.
Williams pointed out that the fee structure for the ICC is quite different from other institutions. “The fee structure in ICC arbitration is a scale by reference to the amount in dispute, whereas other arbitration rules fees are by reference to an hourly rate. So that may have an implication in terms of which is the more cost efficient,” he said.
One other point to consider, the article notes, is what’s known as the terms of reference—a document drawn up at the beginning of an arbitration that includes basic information like the names and contact details of the parties and their representatives, a summary of the respective claims and a list of issues to be determined in the proceeding, among other things.
Negotiating the terms of reference is an additional hurdle the parties will have to undertake in the proceeding, said Williams. His own personal view “is that it’s not especially helpful, and that the additional time and cost involved in having a terms of reference stage is not justified by any additional focus in the subsequent proceeding.”