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.
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A version of this article was first published in the ICC UK blog on 11 January 2016
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