The LCIA has made changes to its rules which require parties to an LCIA arbitration to require their counsel to comply with rules of conduct. In addition, the LCIA has made changes which facilitate the appointment of one emergency arbitrator in situations of exceptional emergency and for a temporary period. In exceptional circumstances, it is possible to appoint more than 3 arbitrators. The rules applying to complex multi-party multi-contract disputes have also been modernized.
Parties should be aware that, while similar, the rules vary from one institute to another. Care should be taken to select the institute with the procedures most suited to the parties’ situation. Parties contemplating international arbitration should be aware that institutes such as the LCIA and the ICC differ with respect to some of their rules, the fee structure, and the level of administrative control imposed by the institute.
Parties should carefully evaluate which cost structure will best serve their situation. The actual fees payable will differ from dispute to dispute, depending on the complexity of the services required to resolve the parties’ dispute.
Takeaway:
- New London Court of International Arbitration rules include a code of conduct for legal counsel, and many other important changes.