Gannet Shipping v Eastrade Commodities: Consideration of Costs following the Event and the Cost Implications of s.57.
Article from: TDM 0 (2003), in International Commercial Arbitration
Abstract
Although the principle of 'costs follow the event' may be simple, where an arbitration involves claim and counterclaim with interlocutory diversions, the 'event' could become fragmented. Further, if a party claims £1m and wins £1 is it justified in being awarded its costs? In Gannet v Eastrade the Arbitrator chose to apportion costs although it appeared that one party had been the 'winner'. In addition, the Arbitrator corrected his award under s.57 and varied his costs award as a consequence although there was no express statutory jurisdiction to do so. 2,867 ...