The global pandemic has shown that while state courts may be closed, proceedings in international arbitration still go on – all documents can be submitted electronically, arbitration hearings may be held online, arbitrators write decisions quicker than usual.
Therefore, this is a reason to once again look closer to arbitration and to understand:
- How much arbitration can cost?
- How long proceedings may last?
- If the dispute occurs, how to commence arbitration?
- Is it possible to consolidate proceedings or file multiple contracts claims?
- When should a party choose an arbitrator and how is he/she being appointed?
- When is the deadline for filing a reply to a statement of claim?
- Is it possible to urgently receive interim or conservatory measures?
- How long should one wait for the arbitration award?
KIAP Arbitration Team prepared the chart that compares the rules of eight of the most popular European and Asian arbitral institutions (in Russian and English):
- ICC (The International Court of Arbitration of the International Chamber of Commerce);
- LCIA (The London Court of International Arbitration);
- SCC (The Arbitration Institute of the Stockholm Chamber of Commerce);
- DIS (German Arbitration Institute);
- VIAC (Vienna International Arbitral Centre);
- SCAI (Swiss Chambers’ Arbitration Institution);
- HKIAC (Hong Kong International Arbitration Centre);
- SIAC (Singapore International Arbitration Centre).
In the chart you may also find examples of enforcement of the awards of respective arbitral institutions in Russia.
This information will be useful to those who are just thinking about international arbitration and only choosing a place to resolve possible future disputes with the counter-party, those who have already included arbitration clauses in their contracts, and those who are already involved in international arbitration.
The review is available in our Analytics section or can be found in the link.
