Emergency arbitral proceedings
P.R.I.M.E. Finance Emergency Arbitral Proceedings provide a useful tool for parties in need of urgent interim relief
P.R.I.M.E. Finance Emergency Arbitral Proceedings allow a party in need of urgent provisional measures that cannot await the constitution of the arbitral tribunal to make an application for such measures. The decision on such an application will be made by an Emergency Arbitrator. The relevant provisions are contained in Article 26(a) and Annex C of the P.R.I.M.E. Finance Arbitration Rules.
Some important considerations regarding the appointment of the Emergency Arbitrator and the application for Emergency Arbitral Proceedings are:
- Within 72 hours of receipt of the application for emergency arbitral proceedings, the PCA Secretary-General shall - in deviation of any appointment process agreed to by the parties for proceedings in the merits - appoint an Emergency Arbitrator.
- The PCA Secretary-General will not appoint an Emergency Arbitrator if it is manifest that the Emergency Arbitration Rules do not apply and/or it has not received proof of payment of the registration fee, the administrative costs and the deposit for the Emergency Arbitrator’s fees pursuant to article 11 of the Emergency Arbitral Proceedings Rules.
- Articles 11, 12, 13 and 16 of the P.R.I.M.E. Finance Arbitration Rules shall apply to the Emergency Arbitrator except that the time-limit of article 13, paragraph 1, shall be 72 hours instead of 15 days. The time-limit of article 13, paragraph 4, shall be 72 hours respectively 7 days instead of 15 respectively 30 days and the appointing authority referred to in this paragraph shall be the PCA Secretary-General.
- The Emergency Arbitrator shall not act as an arbitrator in any future arbitration relating to the dispute, unless otherwise agreed by the parties.
- The applicant shall file a notice of arbitration pursuant to article 3 of the P.R.I.M.E. Finance Arbitration Rules within 10 days after receipt of the Application by the P.R.I.M.E. Finance/PCA Registry. If the notice of arbitration is not filed on time, the Emergency Arbitrator shall terminate the emergency arbitral proceedings, unless the Emergency Arbitrator agrees to an extension of the time-limit upon a reasoned request of the applicant.
- The Emergency Arbitrator shall render an Order within 15 days after the date upon which the Application has been transmitted to him pursuant to article 4, paragraph 5 of the Emergency Arbitration Rules. The P.R.I.M.E. Finance/PCA Registry may extend this time limit upon a reasoned request of the Emergency Arbitrator.
- Upon filing the Application, the applicant shall pay a registration fee and administrative costs as prescribed in Annex E (“Schedule of institutional costs”) and the applicant shall also pay an amount of EUR 20.000 as deposit for the Emergency Arbitrator’s fees and expenses.