The Australian Centre for International Commercial Arbitration (ACICA) has introduced revised Arbitration Rules effective 1st of April 2021.
The updated rules seek to modernise and digitise the arbitration process, as virtual proceedings become commonplace as a result of the COVID-19 pandemic. New virtual hearing and e-filling provisions reflect ACICA’s commitment to embrace and adapt to the rapidly shifting business and dispute resolution environment.
The 2021 rules facilitate greater flexibility in dealing with disputes that arise out of the same transaction and disputes arising out of the multiple contracts. Provided the procedural documentation is correctly filed, the rules provide ACICA with a greater ability to consolidate arbitrations and deliver a more streamlined and efficient process.
ACICA has placed a greater emphasis on improving the timeliness of resolving disputes. New articles pertaining to early dismissal and termination as well as implementing shorter periods between the end of proceedings and the delivery of the award are key areas the rules address. These changes enhance the efficiency of the arbitration process and bolsters the mechanism’s core attraction of timely resolution of disputes.
Finally, new costings provisions create more certainty around the cost obligations for the unsuccessful party, as well as mandating the deposit of requisite funds before proceedings can proceed.
Ultimately, the new rules strive to improve the arbitration process for parties and continue to advance Australia as an attractive seat for arbitration moving forward.
Download the updated rules from the ACICA website here »