The Asian International Arbitration Centre (“AIAC“) published its Arbitration Rules 2021 (“2021 Rules“) for public consultation in June 2021. The rules took effect on 1 August 2021. With the objective of providing “a wider range of sophisticated and tailored provisions to govern the efficient conduct of arbitration proceedings” and to offer a “comparable and competitive product reflecting contemporary international standards and practices on the global stage”, the 2021 Rules are a substantial upgrade to the AIAC Arbitration Rules 2018 (“2018 Rules“). Notable features are:
(a) The consolidation of the UNCITRAL Arbitration Rules 2013 with the AIAC Arbitration Rules;
(b) A new Fast Track Procedure;
(c) A new summary determination mechanism;
(d) Provision for the consolidation of multi-contractual disputes under a single Notice of Arbitration;
(e) A new procedure for the appointment of arbitrators;
(f) Provisions regarding the publishing of arbitral awards; and
(g) Provisions regarding third-party funding.
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