Jurisdiction(s):
United Kingdom

Key definition

Arbitration definition

What does Arbitration mean? Arbitration is a private process where parties resolve disputes by one or more arbitrators who issue a final, binding award instead of a court judgment. It is consensual, usually agreed by an arbitration clause, and the law of the seat governs the procedure (lex arbitri). In England and Wales and Northern Ireland, the Arbitration Act 1996 applies. Courts stay court proceedings in favour of arbitration, provide support, and enforce awards; challenges are limited to lack of jurisdiction (s.67), serious irregularity (s.68) and, unless excluded, appeal on a point of law (s.69). In Scotland, the Arbitration (Scotland) Act 2010 provides a similar...

Selecting the currency of compensation in investment arbitration: ICSID awards, BIT/ECT provisions, and general principles (CISG, UNIDROIT)

Published by a LexisNexis Arbitration expert

Practice notes

A by-product of arbitration’s cross-border character is the multiplicity of currencies parties and tribunals must handle, sometimes within a single case, with claims brought—and frequently granted—in different denominations. For broader guidance on currency questions in arbitration, see Practice Note: Currency in arbitration.

Currency in international centre for settlement of investment disputes (ICSID) arbitration proceedings

In investment arbitrations, tribunals regularly face currency-choice issues, chiefly linked to movements in the host state’s currency in which the investment was made and losses occurred and/or to the non-exchangeable status of some currencies. The following case illustrates how ICSID tribunals have addressed such questions. In Siemens AG v Argentine Republic (ICSID Case No ARB/02/8), the tribunal decided that compensation should be payable in US dollars rather than the contract currency, Argentine pesos. It was contended that the agreement did not secure Siemens parity between the peso and the dollar...

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Dr Can Eken , FCIArb

Durham University

Dr Can Eken is an assistant professor at Durham Law School, Durham University. His research and teaching mainly focus on international commercial arbitration, investment law and third-party funding. His research interests also cover online dispute resolution and alternative dispute resolution mechanisms with a specific focus on commercial mediation. As a triple-qualified lawyer admitted to practise law as an attorney in California and Turkey, and as a solicitor in England and Wales, and a fellow of the Chartered Institute of Arbitrators (FCIArb), he is an expert on international arbitration proceedings and has proven experience in both common law and civil law jurisdictions. A winner of the Postgraduate Research Output Award 2021 and several other international recognitions, he has extensively researched, given lectures and training on international commercial arbitration, investment law, third-party funding, contracts, online dispute resolution and torts in Turkey, the United Kingdom, Hong Kong, Macau,...

Web page updated on 21/05/2026

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