The Drafting Committee of the LCIA Court has 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 shortly after. The new rules, once finalised, will apply to arbitrations commenced after the date of promulgation, unless the parties agree otherwise. The existing rules have been in effect since 1998. The Draft Rules come after the release of the new UNCITRAL Arbitration Rules (2010) and the ICC Arbitration Rules (2012) and are in line with amendments to these rules.
In summary, the Draft Rules retain the familiar light administrative touch and can be seen to be more simple refinements, rather than wholesale change – nevertheless, the changes are significant and act to modernise the Rules.
The key changes contained in the Draft Rules are as follows:
Click here to view the table.