s.40Arbitrations
40
Section 40Part 4 — Miscellaneous And General

Arbitrations

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This Law and any other limitation law, which latter expression in this section means any other law relating to the limitation of actions (whether passed before or after the 15th August, 1991 apply to arbitrations as they apply to actions in the Grand Court.
Notwithstanding any term in an arbitration agreement to the effect that no cause of action shall accrue in respect of any matter required by the agreement to be referred until an award is made thereunder, the cause of action shall, for the purpose of this Law and any other limitation law (whether in their application to an arbitration or to other proceedings), be deemed to have accrued in respect of any such matter at the time when it would have accrued but for that term in the agreement.
For the purposes of this Law and of any other limitation law, an arbitration is treated as being commenced —
when one party to the arbitration serves on the other party or parties a notice requiring him or them to appoint an arbitrator or to agree to the appointment of an arbitrator; or
where the arbitration agreement provides that the reference shall be to a person named or designated in the agreement, when one party to the arbitration serves on the other party or parties a notice requiring him or them to submit the dispute to the person so named or designated.
Any such notice may be served by —
handing it to the person on whom it is to be served;
leaving it at his usual or last-known place of abode in the Islands; or
sending it by registered post to him at his usual or last-known postal address in the Islands,
Where the Grand Court orders — (a) that an award be set aside; or (b) after the commencement of an arbitration, that the arbitration agreement shall cease to have effect with respect to the dispute referred, it may further order that the period between the commencement of the arbitration and the date of the order shall be excluded in computing the time prescribed by this Law or by any other limitation law for the commencement of proceedings (including arbitration) with respect to the dispute referred.
In this section — "arbitration", "arbitration agreement" and "award" have the same meanings as in the Arbitration Law (1996 Revision).

Defined Terms

arbitrationarbitration agreementaward

Cross References