P.R.I.M.E. Finance Foundation
8 Contributions by P.R.I.M.E. Finance Foundation Experts
PRACTICE NOTES
In 2021, the P.R.I.M.E. Finance Arbitration Rules were updated, and the 2022 edition took effect on 1 January 2022, applying to arbitrations commenced on or after that date (the P.R.I.M.E. Finance Rules; the Rules). The Rules also contain standard clauses and a model submission agreement. They set out a comprehensive framework for arbitration, including a model arbitration clause for contracts, a model submission agreement, procedures for commencing and conducting an arbitration, the process for appointing arbitrators, and provisions on issuing awards and allocating costs. The Rules are likewise intended to be flexible so that the arbitral tribunal can tailor proceedings as appropriate. This built-in flexibility enables the tribunal to shape the proceedings to the particular circumstances of the case.
Arbitration clause
A model arbitration clause is appended to the P.R.I.M.E. Finance Rules (Annex A). When reviewing the standard clause, parties should consider in
Arbitration
PRACTICE NOTES
The P.R.I.M.E. Finance Arbitration Rules were updated in 2021, and the 2022 edition took effect on 1 January 2022 for arbitrations begun on or after that date (the P.R.I.M.E. Finance Rules, or the Rules). The Rules also offer model clauses and a model submission agreement. Section V of the P.R.I.M.E. Finance Arbitration Rules (the P.R.I.M.E. Finance Rules) addresses the form and effect of arbitral awards, applicable law, the currency of awards, settlement, termination, and post award procedures.
Requirements of an award
While tribunals often issue a single final award, they are not required to do so. A tribunal may instead make distinct awards on separate questions at different times. Under art 39 of the P.R.I.M.E. Finance Rules, an award must:
be set down in writing
be complied with by the parties without delay
state the reasons on which it rests unless the
Arbitration
PRACTICE NOTES
Revised in 2021, the P.R.I.M.E. Finance Arbitration Rules were issued in a 2022 edition that took effect on 1 January 2022, governing arbitrations begun on or after that date (the P.R.I.M.E. Finance Rules; the Rules). The Rules also contain model clauses and a model submission agreement. This Practice Note addresses the appointment, challenge and replacement of the arbitral tribunal under the P.R.I.M.E. Finance Rules. The P.R.I.M.E. Finance Rules set out comprehensive provisions on nominating and appointing the tribunal. They further cover the constitution of a tribunal, arbitrators’ disclosure obligations, and the challenging and replacement of arbitrators.
Composition of the arbitral tribunal
Section III of the P.R.I.M.E. Finance Rules explains how an arbitrator or arbitral panel is to be appointed. It also prescribes the procedures for challenging and substituting an arbitrator, together with the requirement on prospective arbitrators to reveal pertinent background
Arbitration
PRACTICE NOTES
The P.R.I.M.E. Finance Arbitration Rules were updated in 2021, and the 2022 edition took effect on 1 January 2022, governing arbitrations initiated on or after that date (the P.R.I.M.E. Finance Rules; the Rules). The Rules also set out model clauses together with a model submission agreement for use by parties.
This Practice Note reviews the treatment of costs under the P.R.I.M.E Finance Rules. The key provisions on costs are located expressly in Section VI of the P.R.I.M.E. Finance Rules as specified therein.
Scope of costs
The tribunal will determine the arbitration costs in a final award, a termination order, or any other decision (art 48.1). Costs of the arbitration comprise (art 48.2):
the arbitral tribunal’s fees and charges (art 49)
reasonable expenses of the arbitrators, including any applicable value added or sales tax imposed on their fees
reasonable costs for expert advice and other assistance services, including fees of any
Arbitration
PRACTICE NOTES
In 2021, the P.R.I.M.E. Finance Arbitration Rules were substantively updated, with the 2022 version taking effect on 1 January 2022, covering arbitrations filed from that date onwards (the P.R.I.M.E. Finance Rules; the Rules). They also contain model clauses and a standard-form submission agreement document. This Practice Note examines the authority of arbitral tribunals constituted under the P.R.I.M.E. Finance Rules. A tribunal holds a broad discretion to manage the proceedings as it deems most suitable, so long as the parties are treated equally and each is afforded a reasonable opportunity to present their case. When using that discretion, the tribunal must avoid unnecessary delay and cost and ensure a fair, proportionate and efficient mechanism for resolving the dispute (art 16.1).
Place, location, language and rule of law
Among other relevant matters, where the parties have not already agreed, the tribunal may
Arbitration
PRACTICE NOTES
The P.R.I.M.E. Finance Arbitration Rules
The P.R.I.M.E. Finance Arbitration Rules (the P.R.I.M.E. Finance Rules; the Rules) provide an arbitration framework with features tailored to the needs of the financial markets. The latest edition took effect on 1 January 2022, following a comprehensive 2021 review, and governs arbitrations begun on or after that date. The Rules also contain model clauses together with a model submission agreement. This Practice Note serves as an introduction to P.R.I.M.E. Finance and its Rules.
P.R.I.M.E. Finance stands for the Panel of Recognised International Market Experts in Finance, an independent, not-for-profit foundation headquartered in The Hague. By convening these Experts, we aim to promote certainty and lessen risk across the global financial markets. We work to foresee where contractual disputes may emerge and to craft solutions to meet them, with the objective of enhancing financial market stability and building
Arbitration
PRACTICE NOTES
P.R.I.M.E. Finance Arbitration Rules
Updated in 2021, the P.R.I.M.E. Finance Arbitration Rules’ 2022 edition took effect on 1 January 2022 and applies to arbitrations begun on or after that date (the P.R.I.M.E. Finance Rules; the Rules). The Rules also contain model clauses and a model submission agreement. This Practice Note explains how to commence an arbitration under the P.R.I.M.E. Finance Rules. When a dispute emerges, parties should consult the relevant documents to review the dispute resolution clause(s). If a clause or agreement calls for arbitration, it is essential to check:
the administering institution or the rules under which the arbitration will proceed (see Understanding institutional and ad hoc arbitration—overview)
any applicable limitation period, contractual or statutory, by which the arbitration must be commenced (see Practice Notes: Limitation periods in arbitration (England & Wales) and the Foreign Limitation Periods Act 1984)...
Arbitration
PRACTICE NOTES
P.R.I.M.E. Finance Arbitration Rules
In 2021, the P.R.I.M.E. Finance Arbitration Rules were updated, and the 2022 edition took effect on 1 January 2022, governing arbitrations begun on or after that date (the P.R.I.M.E. Finance Rules; the Rules). The Rules also set out model clauses together with a model submission agreement. This Practice Note explains how to deal with a notice of arbitration under the P.R.I.M.E. Finance Rules. A respondent is required to send its response to the Permanent Court of Arbitration (PCA) within 30 days of receiving a notice of arbitration under the P.R.I.M.E...
Arbitration
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