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...

Conduct of proceedings under the P.R.I.M.E. Finance Arbitration Rules 2022: procedure, evidence, submissions, hearings and interim measures

Published by a LexisNexis Arbitration expert

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 particular:

whether to use any other alternative dispute resolution option (eg mediation) before commencing arbitration proceedings
the number of arbitrators (usually one or three)
the place of the arbitration, and
the language of the arbitration

Notice of arbitration

The first step in proceedings under the P.R.I.M.E. Finance Rules is to communicate a Notice of Arbitration (the...

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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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