In 2016, the Law Commission of England and Wales announced that it was considering reform of the English Arbitration Act 1996 (AA 1996) as part of its 13th Programme of Law Reform. Such reform was said to be driven by a desire to ensure that English law keeps up to date with modern arbitral practice so as to compete with other jurisdictions. The consultation for such reform is now underway. Continue reading
In a recent Permanent Court of Arbitration (PCA) case, China Heilongjiang International Economic & Technical Cooperative Corp. and others v Mongolia, the tribunal wielded the power of effet utile to strike down the investors’ claim against Mongolia. The occult science of treaty interpretation by international tribunals has produced a somewhat unexpected result that risks creating uncertainty and confusion for investors in China and Russia, whist highlighting how different tribunals can interpret very similar provisions in a seemingly inconsistent manner. Continue reading
Time and tide, it is said, wait for no man. The recent decision in Rollitt v Ballard certainly highlights the importance of time limits, particularly when it comes to challenging an arbitral award. Continue reading
The enforcement of international arbitration awards that have been set aside or annulled at the seat of arbitration has always been a contentious subject. Primarily it is the New York Convention 1958 that applies. Other provisions may be applicable on a case-by-case basis, such as Article IX of the European Convention on International Arbitration 1961. Continue reading
On 11 January 2017, the Swiss government released for public consultation its draft bill on the revision of Chapter 12 of the Swiss Private International Law Act (PILA), which governs international arbitration proceedings in Switzerland. The consultation period ended on 31 May 2017. Continue reading
After a long period of gestation, the UAE Federal Arbitration Law is now likely to become a reality: its enactment is scheduled for later this year, having recently been approved by the UAE National Assembly and the Cabinet of Ministers and now awaiting signature by the President of the UAE, Sheikh Khalifa bin Zayed bin Sultan Al Nahyan. Before adoption in its present form, the UAE Federal Arbitration Law has gone through a number of drafts, some of these inspired by the UNCITRAL Model Law, others customised by reference to other leading arbitration laws in the region. The effect of the new law will be to repeal the arbitration-specific provisions of the UAE Civil Procedures Code, those being Articles 203 through to 218 and 235 through to 238, also commonly referred to as the UAE Arbitration Chapter. To date, the UAE Arbitration Chapter has governed arbitrations seated in onshore United Arab Emirates (UAE), with the UAE courts serving as the curial courts in support of arbitration. For the avoidance of doubt, the UAE Arbitration Chapter exists alongside two stand-alone UNCITRAL Model Law-based arbitration laws that govern arbitrations seated in the free zones, the 2008 Dubai International Financial Centre (DIFC) Arbitration Law and the 2015 Abu Dhabi Global Market (ADGM) Regulations. Continue reading
“Expect the best, plan for the worst, and prepare to be surprised” (Denis Waitley)
At the start of 2017, we predicted a lively time in the arbitration arena, and the first six months have certainly not disappointed. At the half-way mark, we find ourselves in a similar position, for example, with the continued uncertainty surrounding the effects of Brexit on arbitration in the UK, as well as the future of investor-state dispute settlement (ISDS) and its potential reform. Add to the mix the relatively untested waters around the effect of emergency arbitrator provisions in many institutional rules, and it’s effectively all as clear as mud. Luckily the arbitral institutions are on hand to offer some tangible developments through ongoing revisions to rules, while the reform of national arbitral legislation around the world also gives us the conviction to foresee several developments. Continue reading
In a drive to improve the efficiency of arbitration, many of the major arbitral institutions including, most recently, the International Chamber of Commerce (ICC), have introduced procedures for expedited or fast track arbitration. However, the major arbitral institutions are not alone in having considered expedited procedures. As of 3 October 2013, parties have been able to arbitrate using the ARIAS Fast Track Arbitration Rules (AFTAR). Continue reading
It has been well reported over the past few years that Asian arbitration centres are growing in popularity and are administering a larger share of arbitrations. This is reflected in the Singapore International Arbitration Centre’s (SIAC’s) annual report for 2016, published earlier this year. This report shows that in 2016, SIAC had its highest ever number of administered cases (343 new cases in 2016, a 27% increase on the 2015 figures), and administered its largest aggregate sum in dispute (of US$ 11.72 billion). The Hong Kong International Arbitration Centre’s (HKIAC) 2016 case statistics show a slight dip in total new cases (460 in 2016, as compared to 520 in 2015), but this is not significant enough to dispute the fact that the trend over the past five years or so has been towards improvement, growth and increased popularity of these centres (see, for example, the Queen Mary and White & Case 2015 International Arbitration Survey, which found that the most improved arbitral seat over the past five years was Singapore followed by Hong Kong, the most improved arbitral institution over the past five years was the HKIAC followed by the SIAC, and the five most preferred arbitral institutions are the International Chamber of Commerce (ICC), London Court of International Arbitration (LCIA), HKIAC, SIAC and the Stockholm Chamber of Commerce (SCC)). Continue reading
Recent weeks have brought oil right back into a bear market, with both WTI and Brent trading well below US $50 a barrel. This is despite renewed pledges by the Organization of the Petroleum Exporting Countries (OPEC) to curtail oil production. Since the 2014 price collapse, the cartel has lost its ability to dictate crude prices, for the most part due to US shale output which can quickly be scaled up and down depending on where the oil prices are. Continue reading