The following Arbitration guidance note provides comprehensive and up to date legal information covering:
The P.R.I.M.E. Finance arbitration rules (the P.R.I.M.E. rules) are a customised version of the UNCITRAL rules and this is intended to provide a level of familiarity and certainty for practitioners. The P.R.I.M.E. rules provide a comprehensive structure for an arbitral process including a model arbitration clause for contracts, the procedure for the commencement and conduct of an arbitration, the procedure for the appointment of arbitrators and provisions for making awards and awarding costs. The P.R.I.M.E. rules are also intended to provide enough flexibility to allow the arbitral tribunal to tailor proceedings as appropriate.
As P.R.I.M.E. arbitrations are administered rather than ad-hoc, there are a number of practical differences between the P.R.I.M.E. and UNCITRAL arbitration rules and these are highlighted the examination of P.R.I.M.E. arbitral procedure below.
A model arbitration clause is annexed to the P.R.I.M.E. rules (Annex A). In reviewing the standard clause, parties should consider:
whether to submit to any other alternative dispute resolution option (eg mediation) prior to commencing arbitration proceedings
the appointing authority
the number of arbitrators (usually one or three)
the place of the arbitration
the language of the arbitration
whether to submit to the Emergency arbitral proceedings(as set out under Annex C), see Practice Note: P.R.I.M.E. Finance—appointing the tribunal
whether to submit to the Referee arbitral rules(as set out under Annex D), if
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