Type: Client Alerts
The London Court of International Arbitration (LCIA) recently published for consideration the Final Draft of its proposed new Arbitration Rules to replace the 1998 Rules. A copy of the Final Draft can be found at: http://www.lcia.org//media/download.aspx?MediaId=336.
The proposed changes bring the LCIA Rules into line with the revisions and updates to the arbitration rules that other international arbitral institutions, such as the ICC, have implemented in recent years.
There is a particular emphasis on promoting procedural efficiency, improving the conduct of the parties (and their lawyers) and the better handling of complex commercial disputes. This has led to changes which both widen and narrow the powers of the arbitrators, together with the introduction of new and robust provisions affecting the rights and obligations of the parties. In addition, there have been a number of clarifications to some of the pre-existing provisions of the 1998 Rules.
The proposed changes remain to be finalised following the LCIA European Users' Council Symposium on 9 May 2014 (and indeed some of the changes may or may not actually filter through in the form currently proposed). However, the below table provides a quick reference guide to prepare users who have become accustomed over the last 15 years or so to applying the 1998 Rules for some of the more significant proposed changes in order to avoid being caught out when the new Rules come into effect.
Please download the PDF below to view the full alert and quick reference guide.