ARTICLE
21 March 2014

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

MB
Mayer Brown

Contributor

Mayer Brown is a distinctively global law firm, uniquely positioned to advise the world’s leading companies and financial institutions on their most complex deals and disputes. We have deep experience in high-stakes litigation and complex transactions across industry sectors, including our signature strength, the global financial services industry.
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.
United Kingdom Litigation, Mediation & Arbitration

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.

Visit us at mayerbrown.com

Mayer Brown is a global legal services provider comprising legal practices that are separate entities (the "Mayer Brown Practices"). The Mayer Brown Practices are: Mayer Brown LLP and Mayer Brown Europe – Brussels LLP, both limited liability partnerships established in Illinois USA; Mayer Brown International LLP, a limited liability partnership incorporated in England and Wales (authorized and regulated by the Solicitors Regulation Authority and registered in England and Wales number OC 303359); Mayer Brown, a SELAS established in France; Mayer Brown JSM, a Hong Kong partnership and its associated entities in Asia; and Tauil & Chequer Advogados, a Brazilian law partnership with which Mayer Brown is associated. "Mayer Brown" and the Mayer Brown logo are the trademarks of the Mayer Brown Practices in their respective jurisdictions.

© Copyright 2014. The Mayer Brown Practices. All rights reserved.

This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

See More Popular Content From

Mondaq uses cookies on this website. By using our website you agree to our use of cookies as set out in our Privacy Policy.

Learn More