The phenomenon of “price review” and “price reopener” disputes – whereby a party seeks to adjust the pricing basis under an existing long term gas sales contract – has for a number of years been the subject of lively discussion in energy and arbitration circles. As participants at the GAR Live Energy Disputes event (held at Clyde & Co’s London headquarters in May) appeared to agree, the lower market, particularly if it persists is likely to affect buyers and sellers in new ways.
Two short to medium term impacts seem likely: the first upon those already involved in gas pricing disputes, the second on sellers who now feel aggrieved that their oil-linked gas is being sold too cheaply. Mea [...]
International arbitration has been widely recognized as an efficient process for resolving State-to-State disputes. Factors such as procedural flexibility and party autonomy, which contribute to general appeal of international arbitration, play out to render arbitration as the preferable option for settlement of complex disputes between States. More importantly, however, the success and broader acceptance of arbitration in resolving State-to-State disputes lie in providing carefully balanced solutions. Jerome A Cohen, an expert on East Asian law at the New York University, in a speech on South China Sea maritime disputes, summed up the benefits of resolving State-to-State disputes through in [...]
As reported by Clyde & Co for the Kluwer Arbitration Blog on 12 January 2015, the Singapore High Court released its decision in PT Perusahaan Gas Negara (Persero) TBK v CRW Joint Operation (Indonesia)  SGHC 146 relating to PT Perusahaan Gas’ (PGN) unsuccessful appeal of an interim arbitral award made in favour of CRW Joint Operations (CRW), which required PGN to comply with a dispute adjudication or avoidance board (DAB) decision given under a 1999 FIDIC Red Book Conditions of Contract (1999 Red Book). The full text of that report can be read here.
We report below on the Court of Appeal’s recent decision in PT Perusahaan Gas Negara (Persero) v CRW Joint Operation (Indonesi [...]
and Ian Hopkinson, Clyde & Co
At above US$60 per barrel, crude oil prices have bounced a little since their January 2015 low. However, with continued mixed indications concerning US production, opinion remains divided on where prices will end up in the short to medium term. As the recent GAR Live Energy Disputes event (held at Clyde & Co’s London headquarters on 6 May) confirmed, there is perhaps even less in the way of consensus on what lies ahead in terms of the medium-term effects on the energy industry and this uncertainty is necessarily echoed and amplified when it comes to disputes.
It is a maxim of modern legal practice that market volatility creates disputes. However, some panellist [...]
The IBA recently revised its Guidelines on Conflicts of Interest in International Arbitration. This was the culmination of a review by the IBA Arbitration Committee, which began in 2012. The salient changes address the rise of advance declarations by arbitrators; third-party funding; increasing significance of arbitral secretaries; and the possibility that an arbitrator, and counsel to one of the parties, operate from the same chambers. The Guidelines are widely consulted when arbitrators evaluate whether they can accept appointments, or if they first need to make disclosures to the parties about potential conflicts. This article outlines the key changes in the revised Guidelines.
Singapore’s longstanding reputation as an arbitration friendly jurisdiction was reinforced in 2010 with the legislature’s adoption of the 2006 amendments to the UNCITRAL Model Law on International Commercial Arbitration. The 2006 UNCITRAL amendments concerned, among other matters, the use of interim awards in international arbitration, and recognised “the need for provisions in the Model Law to conform to current practices in international trade and modern means of contracting with regard to … the granting of interim measures” (General Assembly Resolution 61/33 on 4 December 2006).
Since 2010, under section 12(1) of Singapore’s International Arbitration Act (IAA), an arbitral tribunal has [...]