International law firm

Added: (Sun Nov 27 2011)

Pressbox (Press Release) - The proceeding arises out of the reinsurance arbitrations related to the “unanticipated flood” of asbestos bodily injury cases filed in the 1990s-early 2000s. The reinsurance treaty at issue contained standard language for such contracts that “liability of the Reinsurers shall follow that of the [insurance] Company in every case”. The arbitration clause, also typical, not only provided for arbitration but directed that the arbitrators “shall interpret this Agreement as an honorable agreement and shall make their award with a view to effecting the general purpose of this Agreement in a reasonable manner, rather than in accordance with a literal interpretation of the language”. But the Agreement also mandated that the “arbitration law of New York State shall govern such arbitration”.Among the noteworthy discussions in the decision affecting international practice are:First, the Court upheld the panel's importation of a clause into one of the contracts even though it was absent from the language.
international law firm