As of May 7th , the new DIAC arbitration rules have come into effect. approval by H.H. the Ruler of Dubai on the 6th of May , and. Approved by the Ruler of Dubai and issued in the local Official Gazette, they superseded the rules from The DIAC Arbitration Rules. As of May 7th , the new DIAC arbitration rules have come into effect. 11 upon their approval by H.H. the Ruler of Dubai on the 6th of May , and .
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These revised rules also contain provisions on emergency arbitrators, third-party funding disclosure and expedited arbitration proceedings. Accept View our cookies policy. The main version of the rules is in English. The Proposed New Rules have not yet been published and no draft has been circulated as of yet, though excerpts were outlined.
The New DIAC Arbitration Rules 2018
Details of the cookies we use and instructions on how to disable them are set out in our Cookies Policy. The expedited arbitration would be decided by a sole arbitrator and on the basis of written submissions only, with shortened deadlines rulew imposed on the parties and a final award being issued within three months of referral under this arbitratio.
The Proposed New Rules also expressly recognise that parties’ legal fees can be financed by way of third party funding. A party can, either by agreement or application to the DIAC Executive Committee, request that the arbitration be dealt with on an expedited basis.
Although the Proposed New Rules will be issued by Decree thus having force of law as is the case with the current DIAC Arbitration Rulesin the hierarchy of laws, the CPC would still have supremacy over the Decree, raising doubts over the compatibility of this proposed provision. This is a preliminary overview based on the discussions that rrules place during Dubai Arbitration Week. This change is linked to promulgation of a new Arbitration Law of the United Arab Emirates earlier this year.
Perhaps most importantly, in light of the rukes developments, i. The proposed new rules should bring ameliorated mechanisms of ratification and enforcement of arbitral awards delivered under the auspices of the DIAC. In the end ofthe DIAC announced its intended publication of new arbitration rules.
iDIAS – Rules of Commercial Conciliation and Arbitration
Rulse DIAC Arbitration Rules have undergone fewer revisions than the rules of other major international arbitration institutions. The Proposed New Rules make it clear that parties’ legal duac i. Many of the proposed amendments are intended to make arbitration under the DIAC Rules more efficient and userfriendly. Power to sanction counsel? No need to sign the award in Dubai. Download International Arbitration Brochure.
The implication of this change is potentially two-fold: Previously, legal fees were not considered recoverable on the basis of the Dubai Court of Cassation’s decision in Case No.
We will provide a more rupes analysis of the draft rules at our Annual Middle East Dispute Resolution Seminar on 11 December and indeed, a more definitive analysis of the Proposed New Rules once they are enacted.
They also give the possibility of control over draft awards, which did not previously exist.
THE DRAFT DIAC RULES
Although it remains to be seen how effective such proposals will be in practice, i. Legal fees and third party funding. Each of these proposed amendments is likely to be welcomed by practitioners and parties. Approved by the Ruler of Dubai and issued in the local Official Gazette, they superseded the rules from We would therefore hope to see the finalised rules published in early We set out below our initial thoughts on the main outlined changes of the Proposed New Rules.
To learn more about this topic, please do not hesitate to contact us. This applies to cases where the amount in dispute is less than AED2 million.
DIAC Arbitration Rules
Following changes brought in by a aarbitration of other arbitral institutions including the DIFC-LCIA Arbitration Centre, the Dubai International Arbitration Centre is to amend its Arbitration Rules to bring them afbitration line with modern arbitration practice and to ensure its offering remains competitive. Nabeel Ikram Partner Dubai. This latest version remains unpublished, but it should encompass the latest mechanisms and procedures already applied by other arbitral institutions, reflecting current best practice.
We’d be happy to talk. Publications Client Alert 20 November Aceris Law LLC is a leading international arbitration boutique law firm that provides legal representation for commercial, construction and investment arbitrations in all jurisdictions. Both of these new arbitrafion introduced measures designed to make arbitration more efficient and cost-effective, in each case by including new provisions, or clarifying existing ones, relating to: