Trends in international arbitration damages awards
Respondents quantify damages at an average of only 12% of the amount claimed by claimants
Tribunals awarded on average 53% of the amount claimed
If a claimant appoints an expert, a respondent’s damages outcome is better when they also do so
The claimant’s approach to loss is criticised by tribunals in 64% of cases
How wide is the gap in assessing loss between claimants and respondents? How much of a difference do experts make? What are the most common criticisms levelled by tribunals and how does this influence the amount they award in damages? How gender diverse is the pool of expert witnesses?
These were some of the questions addressed in analysis of 180 International Chamber of Commerce (ICC) Arbitral Tribunal awards, which was carried out by researchers from Queen Mary University of London’s School of International Arbitration.
The PwC-sponsored study provides valuable input into the debate over the assessment of loss and the use of expert witnesses in arbitration. Looking at the findings and their implications, our International Arbitration team has highlighted four key points for consideration by parties involved in arbitration proceedings.
Our dedicated international arbitration team helps clients to investigate, assess and prepare for commercial and treaty-based claims, working closely with them at each stage of the dispute resolution process to: