01
Reasoned awards
Awards are delivered in writing and with reasons, save where the urgency of an urgent track requires an award to issue first and reasons to follow shortly after.
Home/Panel
An invited panel of senior arbitrators
Every Verca arbitration is decided by a member of the Verca panel, a list of senior practitioners admitted on the institution's written terms. The parties may jointly nominate their arbitrator from the panel. Where they do not, the arbitrator is appointed under the Rules of the track. Either way the arbitrator sits on the institutional tariff and not on his or her own rates.
Standing
Seniority by invitation
The panel is composed of senior legal practitioners, including silks and senior juniors, selected for standing, judgement and subject expertise. Membership is not open: arbitrators join only by invitation of the institution. Each matter is heard by an arbitrator of recognised seniority.
Appointment
The parties nominate, or the Rules appoint
The parties may jointly nominate a sole arbitrator from the panel, or agree on a tribunal of three, within two days after the notice to oppose is delivered. Failing a nomination or an agreement, the arbitrator is appointed under the Rules of the track, having regard to the subject matter of the dispute and the constitution of the tribunal required. On the urgent tracks there is no time for nomination, and Verca appoints within 24 hours. The outcome of either route is the same: the matter is not held up while the parties argue about who should hear it.
Incentive
Aligned to a clean conclusion
Because arbitrators sit on the institutional tariff and not on hourly rates, there is no financial incentive to prolong a matter. The arbitrator’s interest is aligned with the parties’ interest in a timely, well reasoned award. This is the panel side of Verca’s fixed cost promise: the cost of the arbitrator is known to the parties from the outset.
Quality
Quality and independence
02
Collegial review
On the commercial tracks the draft award is reviewed by an attorney or a retired judge before it is issued, as a check against obvious error or oversight. The review is not binding on the arbitrator, so responsibility for the award, and the independence of the arbitrator, remain intact.
03
Independence
Every appointed arbitrator completes a declaration of capacity and independence, and conflicts are checked by the institution before appointment.