The London Court of International Arbitration (LCIA) has released a revision of its arbitration rules. The last revision of the LCIA Rules was in 2014. The revised LCIA Rules are effective from 1 October 2020 and apply to arbitration proceedings commenced after that date (the “Revised Rules”). The Revised Rules can be found here.
These revisions cover a wide range of issues and include a number of new provisions that address issues that are not addressed in other leading arbitral rules. Among other things, the Revised Rules address the use of technology and remote hearings; confidentiality; compliance concerns relating to issues such as corruption, money laundering, and economic sanctions, data protection and security; conduct of party representatives; and the nationality of parties and arbitrators, as well as clarifying issues related to multi-party and multi-contract arbitration. These changes reflect the LCIA’s efforts to promote innovation and greater efficiency in international arbitration proceedings.
The LCIA has also revised its Schedule of Arbitration Costs, as well as its Mediation Rules and Schedule of Mediation Costs, all effective as of 1 October 2020. In the revised Schedule of Arbitration Costs, the LCIA has increased the maximum hourly rate for arbitrators (from £450 to £500) and the LCIA Secretariat, which the LCIA has explained is intended to better reflect “the demands of users in certain cases involving complex and significant disputes.”
Section I in the alert discusses some of the more notable revisions to the LCIA Rules in detail, and Section II briefly summarizes a number of additional revisions.