The LCIA Rules of Arbitration (hereinafter “LCIA Arbitration Rules”) are applied in arbitral proceedings when parties have agreed to LCIA arbitration to resolve their dispute. Used for settlement of international arbitration disputes, they represent an important recourse under the auspices of the London Court of International Arbitration (LCIA). With its presence in London, Dubai, New Delhi, Mauritius, Singapore and Toronto, LCIA dispute settlement and LCIA Arbitration Rules got an almost global reach.
London Court of International Arbitration exists in different forms and under different names ever since 1883. Trying to keep up with growing needs of business world for suitable dispute settlement forum, it became one of the biggest and the most important arbitral institutions nowadays.
The LCIA that we know today was born in 1981. Unsurprisingly, LCIA Arbitration Rules were issued the same year and can be found here: LCIA Arbitration Rules from 1981.
In 1985, revised LCIA Arbitration Rules were issued. This version can be found here: LCIA Arbitration Rules from 1985.
Then, in 1998 LCIA issued another version of the rules, which can be consulted here: LCIA Arbitration Rules from 1998.
Finally, another revision of the LCIA Arbitration Rules, which is currently in use, was published in 2014 and can be found here: LCIA Arbitration Rules from 2014.
It is interesting that the LCIA Arbitration Rules are often applied in ad hoc arbitration disputes even when the LCIA itself is not engaged.
Also, the LCIA is frequently used as the administrative authority, in arbitral proceedings conducted under UNCITRAL arbitration rules.
All interested parties can choose the LCIA arbitration in a dispute settlement clause when drafting their agreements. Such choice does not have to be specifically approved by the LCIA. The LCIA would charge fees only if an actual arbitral proceeding is initiated.
The LCIA Arbitration Rules have undergone certain revisions over time, in order to adapt to changing needs of today’s business world.
Unlike some other arbitral institutions which provide for specific set of rules applied in expedited arbitral proceedings, the LCIA does not dispose of a separate set of rules for that purpose. Instead, the current applicable rules can be applied in conformity with the specific needs of an expedited arbitral proceedings. Also, parties drafting their contract can form their dispute settlement clause so that it refers to expedited arbitration, should the need arise. In that case, the LCIA could suggest an appropriate arbitration clause for such agreement.