On Friday 25 July 2014, the LCIA Court formally adopted its new arbitration rules (the “2014 Rules”). The 2014 Rules will come into force on 1 October 2014 and shall apply to any LCIA arbitration commenced from that date.
The changes made to the LCIA Rules follow similar revisions made to the ICC Arbitration Rules in 2012 and UNCITRAL Arbitration Rules in 2010, and have been made in response to user demand. The amendments are for the most part to be welcomed, and represent a tightening up and modernisation of the rules in a way that should reduce cost and increase the efficiency of LCIA arbitrations.
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