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United Kingdom
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General Principles definition What does General Principles mean? In takeover practice, General Principles are the high‑level standards that guide how the Takeover Code (UK) and the Irish Takeover Rules are interpreted and applied in real transactions. They set expectations of commercial behaviour by bidders, target boards and advisers. There are six General Principles, mirroring the general principles in Article 3 of the EU Takeover Directive. In the UK they are contained in the Code notwithstanding Brexit; in Ireland they derive from the Directive and are embedded in the Rules. They are expressed in broad terms and neither the Code nor the Rules defines the precise limits of their...
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Conflicts of Interest in International Arbitration: Impartiality, Disclosure (AA 1996/Arbitration Bill 2024), IBA 2024 Guidelines, Third-Party Funding, and Institutional and Case Law Guidance (including Halliburton)
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Practice notes
This Practice Note sets out overarching principles and guidance for arbitrators and parties when identifying and addressing conflicts of interest in international arbitration. It should be read alongside Practice Note: Conflicts of interest in arbitration—challenges to arbitral appointments for further context.
What are the general principles of fairness, impartiality, and independence?
A core aspect of procedural fairness is that the tribunal be impartial and independent; this is as fundamental to arbitration as it is to court proceedings. That standard is embedded in national arbitration regimes (for instance, the arbitrator’s general duty in section 33 of the Arbitration Act 1996 (AA 1996) to act fairly and impartially) and in international institutional rules, eg article 5.3 of the London Court of International Arbitration (LCIA) arbitration rules. Broadly, commentators describe independence as the absence of any present or previous relationship of dependence between the parties and the arbitrators that could, or could appear to, constrain the arbitrator’s freedom of judgment. Impartiality, in general terms, denotes that arbitrators neither prefer one side nor approach the disputed issue(s) with a predisposition. Commentators, including Professor Julian Lew KC, have examined these concepts and their distinction, while underlining their centrality to the fair conduct of arbitral proceedings...
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Web page updated on 21/05/2026
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