30 August 2021
On 1 August 2021, the Asian International Arbitration Centre issued the AIAC Arbitration Rules 2021 (“AR 2021”), which contain significant amendments to the AIAC Arbitration Rules 2018 to reflect contemporary standards and practices in international arbitration. AR 2021 came into force on 1 August 2021 and replaced the 2018 Rules.
The key features of AR 2021 include:
- incorporation of a fast track procedure to provide for expedited arbitrations;
- revisions to the process of appointing the arbitral tribunal, including a new provision on multi-party appointments;
- revisions to the emergency arbitration provisions to enhance clarity;
- new provision on summary determination for the early dismissal of claims; and
- revisions to the confidentiality provision to reflect best practices.