Arbitration is the primary method for dispute resolution in cross-border trade and commerce. Arbitration in the sector divides into two types: "trade arbitrations" before an appropriate trade association tribunal and arbitration under the auspices of one of the international arbitral bodies. The former are common in trading contracts. The latter have tended to be selected for longer term infrastructure or investment agreements, but these days are increasingly used for trading contracts. As global trade continues to grow so does the importance of keeping international arbitration in line with the desire and expectations of users for effective, efficient and coherent procedures. Nevertheless, in recent years there have been concerns that international arbitration rules have fallen out of step with modern best practices. This is the first of two alerts on international arbitration. The second will focus on cost.
Responding to pressure from users to remain up to date, many of the major international arbitration institutions have recently embarked on an updating and revising project. Thus 2010 2011 will see revisions to the best known and most widely used international arbitration rules. The Singaporean SIAC Rules and UN Sponsored UNCITRAL Rules have lead the pack while revisions to the ICC and LCIA Rules are expected in the next few months. This Alert summarises the major changes to the UNCITRAL and SIAC arbitration rules.
Please see full alert below for more information.
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