LME Arbitration refers to a private dispute resolution system. LME Arbitration has been devised to settle disputes fairly, expertly and economically, without resorting to action in the UK or other courts. The London Metal Exchange is the premier non-ferrous metals market of the world which offers futures and options contracts for aluminium, copper, nickel, tin, zinc and lead plus two regional aluminium alloy contracts. Being commercial in nature, LME Arbitration has been designed for the outright settlement of disputes and not for mediation or conciliation. Under the LME Arbitration rules, parties to the arbitration must agree that a third party (constituting one, two, or even three arbitrators) will be made an independent decision on their dispute. The arbitration facility of LME is highly valued and a rising number of enterprises, even those which do not have direct involvement in metals are using this service. Members of the LME Arbitration panel must be well experienced within the metals trade but need not be members of the LME, or even associated with the Exchange. Such members are admitted to the panel only if they can demonstrate a great knowledge based on the practical experience of metal trading and moreover, a legal or arbitration background is an added requirement. Since, the LME Arbitration rules are based upon the framework of English law, the arbitration awards are enforceable by the High Court. The awards can also be enforced in most overseas countries under the New York Convention of 1958, for the Recognition and Enforcement of Foreign Arbitral Awards. http://www.lme.co.uk/what_arbitration.asp
