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London Metal Exchange arbitration rules are written into a large proportion of the world’s metal contracts.
The arbitrators who rule on disputes are knowledgeable and well-respected.
LME arbitration rulings are enforceable in a vast number of countries.
But, as trading company Intamex found out recently, winning an arbitration (which was then upheld in the UK high court) does not necessarily mark the end of the process.
The company with which it was in dispute had put itself into voluntary liquidation, without informing Intamex it had done so.
Intamex is now going through the Turkish courts as it attempts to have the judgment enforced.
It has been out of its money for over three years.
Securing an award, in other words, can be just the start of an expensive and tortuous process.
Alex Harrison aharrison@metalbulletin.com Twitter: @alexharrison_mb