Serhii Uvarov, Counsel, international arbitration and cross border litigation practices at INTEGRITES, spoke at the conference “Interim Measures and Security for Costs in International Arbitration” held in Vilnius on 29 March 2019. The conference was organized by the ICC Young Arbitrators Forum. The conference seeks to present different perspectives on the salient issues related to interim measures, including the insights of Counsel to a party, a Court, an Arbitrator and the Client itself.
Serhii discussed third party funding and its impact on the security for costs orders in international commercial arbitration. He also commented: “Third party funding already plays an important role in the lives of dispute resolution lawyers. Cross-border disputes are usually complex and expensive. This is even more so when they span across many jurisdictions. Third party funding allows many parties with meritorious claims that otherwise could not be pursued, to get access to justice. Still, such – quite often poor – financial condition of claimant raises a very reasonable concern as to how respondent’s legal costs could be recovered in the event the latter prevails in arbitration / litigation. In certain circumstances, security for costs order is an appropriate tool to maintain the balance of interests and to protect the respondent’s rights”.