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.
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.
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