Clare Montgomery, Associate, Clyde & Co LLP, discusses the disclosure of third party funding arrangements in international commercial arbitration.
Third Party Funding ("TPF"), is defined in the Review of Civil Litigation Costs: Final Report of December 2009 as the provision of funding by a party who has no pre-existing interest in the litigation on the basis that usually they are paid out of the proceeds of any recovery, often as a percentage of the recovery sum, and that the funder is not entitled to payment should the claim fail. A valuable tool in litigation and arbitration, TPF promotes access to justice, greater certainty in terms of legal costs, and improves both settlement prospects and financial equality between the parties.
Read the full article here.
A version of this article was first published in the ICC UK blog on 11 January 2016
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.