The following Arbitration guidance note provides comprehensive and up to date legal information covering:
The P.R.I.M.E. Finance Arbitration Rules were revised in early 2016 (with the second edition dated 9 February 2016). The revised rules are available here and this Practice Note reflects the 2016 rules.
Where a dispute arises, parties will need to revert to the relevant documentation to review the dispute resolution clause(s). Where a clause or agreement specifies arbitral proceedings, it is advisable to confirm:
the institution or rules under which the arbitration is to proceed (see Institutional arbitration—Overview)
any limitation period (either contractual or statutory) within which the arbitration must be started (see Practice Notes:Limitation periods in arbitration (England and Wales) and Foreign Limitation Periods Act 1984)
any pre-arbitration processes (in particular any form of ADR) that must be conducted prior to commencing arbitration (see Court upholds obligation to have 'friendly discussions' before arbitration (Emirates Trading v Prime Mineral)
The P.R.I.M.E. Finance Arbitration Rules (the P.R.I.M.E Rules) are a tailored version of the UNCITRAL Arbitration Rules (2010 edition) so the P.R.I.M.E. arbitration process is broadly based on the UNCITRAL arbitration process. However, while the UNCITRAL Rules are based on an ad-hoc arbitral procedure, P.R.I.M.E. Finance (P.R.I.M.E. or P.R.I.M.E. Finance) is administered by the Permanent Court of Arbitration (PCA) so there are some practical, as well as substantive, differences between the two processes. See Practice Note: Background, structure and purpose of P.R.I.M.E. Finance.
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