The Asian International Arbitration Centre (“AIAC“) published its Arbitration Rules 2021 (“2021 Rules“) for public consultation in June 2021. The rules took effect on 1 August 2021. With the objective of providing “a wider range of sophisticated and tailored provisions to govern the efficient conduct of arbitration proceedings” and to offer a “comparable and competitive product reflecting contemporary international standards and practices on the global stage”, the 2021 Rules are a substantial upgrade to the AIAC Arbitration Rules 2018 (“2018 Rules“). Notable features are:
(a) The consolidation of the UNCITRAL Arbitration Rules 2013 with the AIAC Arbitration Rules;
(b) A new Fast Track Procedure;
(c) A new summary determination mechanism;
(d) Provision for the consolidation of multi-contractual disputes under a single Notice of Arbitration;
(e) A new procedure for the appointment of arbitrators;
(f) Provisions regarding the publishing of arbitral awards; and
(g) Provisions regarding third-party funding.
Visit our Arbitration Asia website for insights from our thought leaders across Asia concerning arbitration and other alternative dispute resolution mechanisms, ranging from legal and case law developments to market updates and many more.
For more information, click here to read the full Legal Update.
