The London Court of International Arbitration (the “LCIA”) has released an update to its international rules of arbitration (the “LCIA Rules”). The updated LCIA Rules come into effect on 1 October 2020 and apply to arbitrations commenced from that date. Use of LCIA arbitration continues to grow in the international energy and resources sectors so users will want to understand the nature and extent of these changes. In this note, we will consider the most significant updates to the LCIA Rules.
The LCIA is one of the world’s leading international institutions for cross-border commercial dispute resolution across a range of sectors, including the energy and resources industries. The LCIA Rules provide a framework for the resolution of disputes by an arbitral tribunal in jurisdictions all around the world and under any system of law administered under the auspices of the LCIA. The tribunal is formed of one or more members to be appointed by the LCIA Court.
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