Part XIV Final Reflections and Looking Ahead, 37 Recollections of Past Events and Reflections on Future Trends
From: Defining Issues in International Arbitration: Celebrating 100 Years of the Chartered Institute of Arbitrators
Edited By: Julio César Betancourt
- Jurisdiction — Arbitral tribunals — Arbitrators
This chapter presents the author’s recollections of his personal experiences involving the Chartered Institute of Arbitrators and, more generally, the world of arbitration. He describes how he became a member of the Institute in the mid 1960s. He discusses the taking of evidence by arbitral tribunals, saying that the issue remains important because most commercial disputes are decided by arbitral tribunals based on material facts, rather than on an erudite analysis of the transaction agreement, or a microscopic evaluation of the provisions of the applicable national law. He also believes that arbitral tribunals must do their best to ensure that the costs incurred by the parties are reasonable. The Institute has the duty to educate its members and students on the importance of cost control, and to use their discretionary powers to allocate the costs of legal representation (and other costs) in their awards in a way that discourages excessive expenditure by the eventual winning party.