Australia will continue to be a leader in arbitration, following this evening’s launch of the ACICA’s new rules.
The Australian Centre for International Commercial Arbitration is building on its existing Asia-Pac leadership with the launch its new rules at an event Sydney this evening.
The new rules, which follow an extensive review process by the ACICA including the release of an Exposure Draft back in 2014, strengthen ACICA’s position as a leading provider of international arbitration services in the region.
ACICA President Alex Baykitch said Australia’s comprehensive arbitration framework makes it an attractive country within the Asia-Pacific region for companies to do business.
“Combined with modern legislation governing international arbitration in Australia, strong judicial support providing prompt assistance in aid of arbitration, an experienced legal fraternity, and with multiple time zone advantages and a reputation as a liberal democracy with a transparent economy, Australia provides a high quality neutral seat for companies doing business in the Asia-Pacific region,” Baykitch told Australasian Lawyer.
“It is important to provide a procedural framework which appropriately balances party autonomy with flexible processes that encourage and facilitate cost-effective and efficient resolution of disputes under the ACICA Arbitration Rules.”
New developments, designed to reflect developments in international arbitration, include provisions on consolidation and joinder, appointment of experts by the tribunal and the conduct of legal representatives, along with the introduction of an expedited procedure for lower value or urgent matters commenced under the Arbitration Rules.
“The Rules Committee had the benefit of being able to draw on the wide international arbitration experience of its members based in Europe, the Middle East and Asia, as well as input from leading Australian academics, in preparing the new Rules,” said Malcolm Homes QC, ACICA director and chair of the ACICA Rules Committee.
“The Committee was also able to have regard to the considered views of the users of the Rules in ensuring that the new Rules reflect current best practice.”
The new rules will officially come into effect from January 1.
