New LCIA Arbitration Rules come into force
October 2, 2014
The new London Court of International Arbitration (LCIA) Rules have come into effect from 1 October 2014. The 2014 Rules will apply to any arbitration proceedings which are commenced on or after 1 October 2014. The previous Rules were in force since 1 January 1998 and have been replaced with the aim of making the LCIA arbitration process more efficient and less expensive for its users, while also enabling arbitral tribunals to deal with increasingly complex multi-party disputes.
Improvements to the speed and efficiency of proceedings under the new LCIA Rules includes shortened timeframes and sanctions for counsel misconduct, new emergency arbitrator provisions, and powers to enable arbitral tribunals to manage complex arbitrations, including a new power to consolidate arbitrations.
A notable change introduced by the 2014 Rules is the addition of an Annex containing guidelines on the conduct of party representatives. These guidelines aim to define and promote good, equal conduct, and to level the playing field for advocates. Parties will be required to ensure that their legal representatives have agreed to comply with the guidelines, including prohibitions on unfairly obstructing the arbitration, compromising the finality of the award, and knowingly relying on false evidence.
Find more content on the London Court of International Arbitration in Investment Claims.