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07 Nov 2018
The new version of the Hong Kong International Arbitration Centre (“HKIAC”) Administered Arbitration Rules (“2018 Rules”) shall come to force on the 1st November 2018. There are a number of amendments made after a comprehensive revision process by the HKIAC Rules Revision Committee. While the full text of the new version is available on HKIAC’s website, below is a brief, albeit incomplete summary of the amendments. Please refer to HKIAC website for full text of the amendments and the rules.
Online delivery of documents where parties may agree to use their own repository or a dedicated repository provided by HKIAC; effective use of technology for determination of procedures; expressly allowing an arbitral tribunal to take into account any third-party funding arrangement in fixing and apportioning the costs of arbitration, with a requirement to disclose promptly the existence of a funding agreement, the identity of the funder and any subsequent changes to such information; broadening of the scope of the provisions on single arbitration under multiple contracts by allowing a party to commence a single arbitration under several arbitration agreements even if the parties to the arbitration are not bound by each of the arbitration agreements; express basis for concurrent proceedings; empowering tribunal with Early Determination Procedure; Use of alternate means of dispute settlement (e.g. arb-med-arb); shortening of time limits under Emergency Arbitrator Procedure; and, the date of delivering awards set at 3 months from the closure of the proceedings or relevant phase of the proceedings, with such a time limit subject to extension by HKIAC or the parties.
Jagmeet Makkar, MCIArb FHKIArb FICS FRINA FIMarE(I) MSc PCBA (Shipping Expert & Maritime Arbitrator)