The LCIA’s new 2014 arbitration rules
The London Court of International Arbitration (LCIA) has published in final form its new arbitration rules (the ‘2014 Rules’), which will apply to arbitrations commenced after 1 October 2014.
The changes between the 2014 Rules and a set of draft rules, published in February 2014, are relatively limited. The 2014 Rules do not change substantially how LCIA arbitration works. The basic structure of the existing rules (the ‘1998 Rules’) remains essentially intact, along with the features that previously made the LCIA Rules distinctive (such as the ability to have the full tribunal appointed on an expedited basis in urgent cases; see article 9A of the 2014 Rules).
Instead, the amendments are largely intended to bring the LCIA Rules up to date with contemporary arbitration practice. Some of the amendments follow those seen in the recent wave of revisions to major sets of arbitral rules (including to the UNCITRAL Arbitration Rules in 2010, the ICC Arbitration Rules in 2012 and the HKIAC Administered Arbitration Rules in 2013). The introduction of an emergency arbitrator mechanism is a notable example; another example is the new provisions allowing consolidation of arbitrations…
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