Jurisdiction(s):
United Kingdom

Key definition

Arbitration definition

What does Arbitration mean? Arbitration is a private process where parties resolve disputes by one or more arbitrators who issue a final, binding award instead of a court judgment. It is consensual, usually agreed by an arbitration clause, and the law of the seat governs the procedure (lex arbitri). In England and Wales and Northern Ireland, the Arbitration Act 1996 applies. Courts stay court proceedings in favour of arbitration, provide support, and enforce awards; challenges are limited to lack of jurisdiction (s.67), serious irregularity (s.68) and, unless excluded, appeal on a point of law (s.69). In Scotland, the Arbitration (Scotland) Act 2010 provides a similar...

P.R.I.M.E. Finance Arbitration Rules 2022: appointing, confirming, challenging and replacing arbitrators; disclosures (including funding) and the PCA’s role

Published by a LexisNexis Arbitration expert

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 information.

Number of arbitrators

If, within 30 days from the start of the arbitration, the parties have not agreed the number of arbitrators, the Permanent Court of Arbitration (PCA) will name a sole arbitrator unless the PCA decides that, given the circumstances of the case, it is more suitable to appoint accordingly in the circumstances described here...

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Deannie Yap

P.R.I.M.E. Finance Foundation

Deannie Yap is Legal Officer at P.R.I.M.E. Finance, a foundation based in The Hague which seeks to foster greater financial market stability and increased confidence in global finance. Deannie a Singapore-qualified advocate and solicitor who holds an LLB from the Singapore Management University as well as an Advanced LLM in International Dispute Settlement and Arbitration (cum laude) from Leiden University. Deannie spent five years in private legal practice in Singapore dealing with civil and commercial litigation matters before moving to The Hague in 2021. She has a keen interest in the emerging frontier of digital assets and fintech-related disputes....

Web page updated on 21/05/2026

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