Society of Maritime Arbitrators of New York Amends Arbitration Rules

The Society of Maritime Arbitrators of New York announced an amendment to Rule 30 effective March 15, 2014. It will apply to contracts entered into on or after March 14, 2018.The amendment empowers an arbitration panel to require the posting of security in an amount and form to be established by the panel.  The panel also has far reaching authority to grant any remedy or relief including declaratory relief, expenses, costs as well as attorneys’ fees. The amendment codifies jurisprudence established by U.S. courts.A copy of the Arbitration Rules of the SMANY may be found at:http://www.smany.org/arbitration-rules-mar-14-2018.html