What's New In The 'Final Draft' LCIA Arbitration Rules?

Keywords: final draft, LCIA rules, draft rules

The London Court of International Arbitration ("LCIA") has recently circulated a "final draft" of the much anticipated new Arbitration Rules (Draft Rules) for consideration by the LCIA Court at the LCIA's Tylney Hall symposium on 9 May 2014. It is anticipated that the new LCIA Rules will be finalised and issued shortly thereafter.

The changes summarised below are significant and undoubtedly will modernise and enhance the effectiveness of the LCIA Rules as follows:

Speed The Tribunal should render the award "as soon as reasonably possible". Law The law of the Arbitration Agreement shall be the seat of the arbitration, unless the parties agree otherwise. The Tribunal The Arbitral Tribunal must be "ready, willing and able to devote time, diligence and industry to ensure the expeditious conduct of the arbitration". Emergency Relief The introduction of emergency relief by application to the LCIA, before the formation of the Arbitral Tribunal. Consolidation The introduction of provisions to allow for consolidation. Conduct Guidelines The introduction of an Annex which contains general conduct guidelines. Get the full report which summarises the changes in more detail.

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