New 2014 LCIA (London Court of International Arbitration) Rules

18 Jan 2016

Giuseppe Broccoli

Written by Giuseppe Broccoli

When drafting a contract, one of the most neglected clauses is the one which governs the dispute resolution especially if it refers the dispute to arbitration. When a dispute arises, many parties are not satisfied by the specific clause inserted in their contract. 
lcia rules for international arbitration

The main reasons why the parties do not put attention to such clause, amongst the others, are that:

(i) such clause is usually one of the last clauses in a contract and often, after having negotiated all the commercial terms, the parties are somewhat tired and

(ii) none of the parties, when signing a contract, actually believe that a dispute might arise.

In many cases, it is difficult for the parties to select between an ad hoc or an administered arbitration and often they might have some difficulties in considering which arbitration institutions best suit for their contract.

One of the most respected institutions is the London Court of International Arbitration (LCIA) that, although its name would suggest a territoriality limit, administers international arbitration disputes.

LCIA adopted recently new Arbitration Rules which provide significant changes mainly in respect of (1) the law governing the arbitration agreement, (2) the proceedings itself (3) the conduct required to legal representatives and (4) the appointment of emergency arbitrators (as part of the emergency procedures available under the LCIA Rules).

The selection of the 2014 LCIA Rules for international disputes can be advantageous for many reasons including the reduced costs if compared with other arbitration institutions. The administration of the cases is generally quicker and rather efficient. 

Also, the 2014 LCIA Rules have improved certain features that strengthen the professionalism of arbitration proceedings administered by LCIA.







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