New Arbitration Rules of the Hong Kong International Arbitration Centre Come Into Force
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- On 1 November 2018, the 2018 Hong Kong International Arbitration Centre Administered Arbitration Rules (the “2018 HKIAC Rules”) come into force. The Rules generally apply by default to any arbitration commenced on or after that date, where the parties have agreed to apply the HKIAC Rules to their disputes or to refer their disputes to the HKIAC without specifying the rules that should apply.
- The 2018 HKIAC Rules contain several innovations designed to increase the efficiency and cost-effectiveness of HKIAC arbitrations, including the early dismissal of points of fact or law and various mechanisms to streamline complex disputes involving multiple parties or contracts.
- The 2018 HKIAC Rules are accompanied by a Practice Note on Appointment of Arbitrators, which also comes into force on 1 November 2018. The Practice Note outlines the HKIAC’s process for appointing arbitrators and expresses the HKIAC’s commitment to promoting diversity in arbitrator appointments.