The LCIA is one of the most popular arbitral institutions for the resolution of international disputes.
On 1 October 2014, the new LCIA arbitration rules came into effect. The updates to the LCIA rules, last revised in 1998, reflect the increasing prominence of arbitration in resolving complex, international disputes. These amendments are a welcome development and put the LCIA Rules at the forefront of contemporary arbitration practice.
Perhaps the most innovative feature of the 2014 Rules is the inclusion of guidelines regarding the conduct of parties' legal representatives during an arbitration. The guidelines set out ethical obligations intended to create a level playing field amongst legal representatives, who often come from a variety of jurisdictions and are therefore subject to different professional conduct obligations. The 2014 Rules empower the arbitral tribunal to impose sanctions in the event of a breach of these guidelines.
Other significant amendments include:
- an emergency arbitrator procedure, which allows parties to seek emergency interim relief before the tribunal is constituted;
- new provisions on joinder and consolidation of arbitrations; and
- refinements to increase the speed and efficiency of the arbitral process.