The P.R.I.M.E. Finance Arbitration Rules are based on the UNCITRAL Arbitration rules (as revised in 2010)
The P.R.I.M.E. Finance Arbitration Rules are based on the UNCITRAL Arbitration rules (as revised in 2010). However, in order to “institutionalise” the UNCITRAL Rules and in light of the Cooperation Agreement between the PCA and the P.R.I.M.E. Finance, the PCA will administer cases under the P.R.I.M.E. Finance Arbitration Rules.
In preparing the rules we have kept deviations from the original text to a minimum, both with a view to the role of the Permanent Court of Arbitration and in order to ensure that, in the case of any ambiguities, reference may easily be made to the commentaries on the UNCITRAL Arbitration Rules 2010. Nevertheless, to reflect the market need of speedy resolution of disputes, we have included several provisions and annexes, which allow the parties to arbitral proceedings to shorten time frames in several ways.
In this regard, the most significant additions include:
- The arrangement with the Secretary-General of the PCA means that, in cases where an Appointing Authority is required, he will make appointments;
- Article 26a and Annex C, together providing for Emergency arbitral proceedings before the arbitral tribunal in the main proceedings has been appointed;
- The general provision for expedited proceedings as set out in Article 2a of the Rules;
- The Referee arbitral proceedings in Article 26b and Annex D to the Rules, which allow for fast track proceedings which result in an enforceable award within 30 to 60 days. Please note that this particular fast track option is only open to parties which have agreed that the seat of the arbitration shall be in The Netherlands;
- The parties, the arbitrators or the appointing authority may also appoint arbitrators not included on P.R.I.M.E. Finance List of Experts;
- The arbitral tribunal may, at the request of a party or at its own initiative, invite or grant leave to amicus curiae;
- Articles 38-39 of the P.R.I.M.E. Finance Arbitration Rules provide for the regulation of the currency of the award and interest calculation; and
- Under Article 40 the arbitral tribunal may, after consulting the parties, take into consideration for any of the parties any tax consequences of the amounts payable under the award.
The current version of the P.R.I.M.E. Finance Arbitration Rules has been in force as of 9 February 2016.
You can access them here: P.R.I.M.E. Finance Arbitration Rules in English (PDF)