The P.R.I.M.E. Finance arbitration rules were revised in 2021 and the 2022 edition came into force on 1 January 2022, applying to arbitrations commenced on or after that date (the P.R.I.M.E. Finance rules; the Rules). The Rules also include model clauses and a model submission agreement.

This Practice Note considers how to commence an arbitration under the P.R.I.M.E. Finance Rules.

Where a dispute arises, parties will need to refer to the relevant documentation to review the dispute resolution clause(s). Where a clause or agreement specifies arbitral proceedings, it is important to check:

1. •

   the institution or rules under which the arbitration is to proceed (see Understanding institutional and ad hoc arbitration—overview)

2. •

   any limitation period (either contractual or statutory) within which the arbitration must be started (see Practice Notes: Limitation periods