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Damages—Standards For Compensation And The Role Of Experts

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Chapter Summary

An arbitral award is worth only as much as the ability to secure its enforceability. The standards for compensation argued by the parties, advocated by the experts, and applied by the tribunal, are potentially crucial to the whole process. This chapter focuses on the experts in this context. Despite the skepticism often brought to the subject of experts, especially in Continental Europe, a competent expert on compensation standards can make even the most abstruse area of expertise come to life - both in writing in an expert report and more, particularly, in oral testimony. Three broad categories of damages experts might be identified. These are (1) the party-appointed expert, (2) the tribunal-appointed expert designated with the consensus of the parties, and (3) the tribunal-appointed expert designated without the consensus of the parties.

Keywords: arbitral award; compensation standards; damages; international arbitration; party-appointed expert; role of experts; tribunal-appointed expert



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