P.R.I.M.E. Finance—tribunal’s powers
P.R.I.M.E. Finance—tribunal’s powers

The following Arbitration guidance note provides comprehensive and up to date legal information covering:

  • P.R.I.M.E. Finance—tribunal’s powers
  • Place, location, language and rule of law
  • Joinder of third parties
  • Amicus curiae
  • Ruling on own jurisdiction
  • Interim measures
  • Emergency arbitral proceedings
  • Evidence
  • Default
  • Awards
  • more

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.

The tribunal has the general power to conduct proceedings in a way that it considers appropriate provided that the parties are treated with equality and the parties are each given a reasonable opportunity to present its case at the appropriate time. In exercising its discretion, the tribunal must avoid unnecessary delay and expense and deliver a fair and efficient process for resolving the dispute (art 17(1)).

Place, location, language and rule of law

In common with the UNCITRAL Rules, the tribunal has the power, if the parties have not previously agreed, to determine:

  1. the place of arbitration, which will be deemed to be the place where the award has been made (art 18),

  2. the location of any hearings (art 18)

  3. the language of the arbitration (art 19)

  4. the appropriate rule of law, applicable to the substance of the dispute (art 36)

Joinder of third parties

The arbitral tribunal has the discretion to join one or more parties to the arbitration proceedings, at the request of a party (art 17(5)). The tribunal must give existing and proposed parties the opportunity to be heard. A joinder may be permitted providing