New HKIAC rules come into effect
On 1 November 2013, the Hong Kong International Arbitration Centre’s (HKIAC’s) new administered rules came into effect. The HKIAC Administered Arbitration Rules 2013 should enhance efficiency while maintaining HKIAC’s ‘light-touch’ administrative approach. Following the new HKIAC rules coming into force, the HKIAC has received a high volume of new applications, indicating that parties had waited for 1 November 2013 to arrive before filing their notices.
In this alert, King & Wood Mallesons summarise four major changes: emergency relief; complex disputes; expedited procedure; and arbitrators’ fees.
The new HKIAC rules apply to all arbitrations in which a notice of arbitration is submitted on or after 1 November 2013, where the arbitration agreement provides for arbitration ‘administered by HKIAC’ or words to similar effect (article 1.1). However, the new provisions for emergency relief, consolidation and multi-contract arbitrations will not apply where the arbitration agreement was concluded before 1 November 2013, unless the parties expressly agree otherwise (article 1.4)…
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