New Edition of the Arbitration Rules of SHIAC (2024) Released
ISSUING AUTHORITY:
Shanghai International Arbitration Center Arbitration
DATE OF RELEASE:
November 7, 2023
EFFECTIVE DATE:
January 1, 2024
On November 7, 2023, the Shanghai International Economic and Trade Arbitration Commission (SHIAC) issued a new version of its arbitration rules (the “2024 Rules”) at the SHIAC Forum and the 2024 Rules will take effect on 1st January 2024.
The 2024 Rules are based on party-centrism and optimize the design of the arbitral tribunal’s procedural dominance, with many innovations.
The main highlights of the 2024 Rules are:
1. The 2024 Rules expressly include international investment arbitration in the scope of cases to be accepted.
2. SHIAC will establish the Shanghai International Arbitration (Hong Kong) Center in 2024, and unless otherwise agreed by the parties, the place of arbitration for cases administered by the Shanghai International Arbitration (Hong Kong) Center shall be Hong Kong SAR, China.
3. The 2024 Rules improve the system of consolidation of multiple contracts under which, if the parties agree, a new case may be consolidated into the existing case where the arbitral tribunal is composed of the same persons.
4. It also adds an interlocutory award clause, which provides an effective means for the arbitral tribunal to resolve procedural issues such as the language of arbitration, applicable law, and rules of evidence.
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