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.
Every Keystone Prime arbitration is decided by a member of an invited panel of senior practitioners. Membership is by invitation of the institution. Arbitrators are appointed to matters by the institution, and they sit on the institutional tariff rather than their own rates.
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. Parties are assured that their dispute is heard by an arbitrator of recognised seniority, appointed for the matter at hand.
Appointments are made by the institution in accordance with the rules of the relevant track, having regard to the subject matter of the dispute and the constitution of the tribunal required. This removes the delay and tactical positioning that party-led appointment can invite, and it allows the institution to match each matter to an arbitrator with the right expertise.
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 Keystone Prime’s fixed-cost promise: the cost of the arbitrator is known to the parties from the outset.
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.
On the commercial tracks, awards are subject to institutional peer review before they are issued, as a check on quality and consistency.
Every appointed arbitrator completes a declaration of capacity and independence, and conflicts are checked by the institution before appointment.