News 4
P.R.I.M.E. Finance (2022)—tribunal’s powers
Produced in partnership with Deannie Yap of P.R.I.M.E. Finance Foundation and Camilla Macpherson of Independent contributor
Practice notesP.R.I.M.E. Finance (2022)—tribunal’s powers
Produced in partnership with Deannie Yap of P.R.I.M.E. Finance Foundation and Camilla Macpherson of Independent contributor
Practice notes
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 the powers of arbitral tribunals appointed under the P.R.I.M.E. Finance Rules.
The tribunal has a 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 their case. In exercising its discretion, the tribunal must avoid unnecessary delay and expense and deliver a fair and efficient process for resolving the dispute (art 16.1).
Place, location, language and rule of law
Among other things, the tribunal has the power, if the parties have not previously agreed, to determine:
- •
the legal place (seat) of arbitration (art 18)
- •
the location of any hearings (art 18)
- •
the language of the arbitration
Access this content for free with a 7 day trial of LexisNexis and benefit from:
- Instant clarification on points of law
- Smart search
- Workflow tools
- 42 practice areas
Get your quote today and take step closer to being able to benefit from:
- Instant clarification on points of law
- Smart search
- Workflow tools
- 36 practice areas
Get a LexisNexis quote
* denotes a required field
To view the latest version of this document and thousands of others like it,
sign-in with LexisNexis or register for a free trial.
Powered by Lexis+®
Jurisdiction(s):
United Kingdom
Related documents:
Practice notes 8
- FINRA—background, structure and purpose under the Customer Code and the Industry Code
- FINRA—commencing an arbitration under the Customer Code
- FINRA—costs under the Customer Code and the Industry Code
- FINRA—FINRA's powers and the panel’s powers under the Customer Code and the Industry Code
- FINRA—procedure under the Industry Code
- FINRA—the arbitral panel under the Industry Code
- FINRA—the award under the Customer Code and the Industry Code
- Institutional and ad hoc arbitration—rules and model clauses
Key definition:
Arbitration rules definition
What does Arbitration rules mean?
The procedural rules in accordance with which an arbitration is conducted. The arbitration rules may be found in the arbitration law of the seat of the arbitration and/or any arbitration rules agreed to apply by the parties (such as the arbitration rules of the LCIA or HKIAC).
CONTACT US
