On 25 September 2017, the Chartered Institute of Arbitrators (CIArb) opened a consultation period relating to a revised draft of its Arbitration Rules. The revision to the rules aims to incorporate a proposed additional appendix on the use of CIArb’s Cost-Controlled Expedited Arbitration Rules. The current version of those rules is dated 2014 and CIArb has stated that updates to other institution procedures, as well as developments in the sphere of cost controls in arbitration generally, have prompted it to review and update its existing rules.
CIArb’s proposed amendment would mean that the Cost-Controlled Expedited Arbitration Rules will apply if the value of the claim does not exceed a particular sum (the options proposed are £1m, £1.5m or £2m), or the parties have agreed that they apply to their dispute. The Cost-Controlled Expedited Arbitration Rules will not apply if the arbitration agreement incorporating the CIArb Arbitration Rules was concluded before a proposed date of 1 January 2018 (the day on which the rules are proposed to come into force), or if the parties expressly opt out of their application.
CIArb seeks to gather input from members on the draft so that it can evaluate whether the issues in the rules are effectively and sufficiently addressed, and whether they adequately satisfy the needs of arbitration users.
The consultation period will run until 19 October 2017.
If approved, CIArb anticipates that the revised rules will be adopted by the end of 2017 and launched in 2018.
For the CIArb announcement on the consultation, and to submit a response, see here.
The revised draft rules can be found here.