BVI IAC Announces Updated 2021 Rules to Address the Future of International Arbitration
The British Virgin Islands International Arbitration Centre (BVI IAC) is pleased to announce that a new version of its Arbitration Rules (the 2021 Rules) came into force on 16 November 2021.
TORTOLA, British Virgin Islands, Nov. 22, 2021 /PRNewswire-PRWeb/ -- The British Virgin Islands International Arbitration Centre (BVI IAC) is pleased to announce that a new version of its Arbitration Rules (the 2021 Rules) came into force on 16 November 2021.
The 2021 Rules are the result of a comprehensive revision process to address the changing and future needs of arbitration users worldwide. "The 2021 Rules include new provisions for emergency arbitrator proceedings, expedited procedures, tribunal secretaries, joinder and consolidation," said John Beechey CBE, Chairman of the Board of Directors of the BVI IAC. "They reflect the Centre's commitment to standardize the adoption of environment-friendly measures in arbitration and include provisions for the use of remote hearing platforms and electronic filing of submissions. With these new Rules, its growing and diverse roster of arbitrators drawn from over 40 countries and its world-class facilities, the Centre is proud to be able to offer its users a level of service which is second to none."
Spearheaded by the BVI IAC Rules Amendment Committee, which comprised Christine Artero, Sherlin Tung, Chiann Bao, Thomas Granier, Victor Bonnin Reynes and Hana Doumal, the 2021 Rules were drawn extensively from users' feedback and international standards to reinforce the BVI IAC's commitment to arbitration users and practitioners. The 2021 Rules reflect international arbitration best practices.
During BVI Arbitration Week 2021, the Rules Amendment Committee presented a session outlining the benefits of the new 2021 Rules. Tung said, "It was necessary to add express provisions to address the concepts of joinder, consolidation as well as single arbitration under multiple contracts given the increase in multi-party and multi-contract disputes. By including these provisions in the Rules, it gives parties clear guidance as to how to handle such types of arbitrations."
In choosing to follow the 2021 Rules, parties involved in international business transactions benefit from a neutral framework for resolving cross-border disputes. The BVI IAC is the only body authorized to administer arbitrations under these Rules.
About BVI IAC: The British Virgin Islands International Arbitration Centre (BVI IAC) aims to meet arbitration users' rapidly evolving dispute resolution needs worldwide. The Centre provides the international business community with a neutral, impartial, efficient and reliable dispute resolution institution in the Caribbean, Latin America and at the cross-roads of the Americas. The BVI offers a quality legal framework and a stable political environment as a British Overseas Territory Party to the New York Convention. BVI IAC arbitration clause users benefit from arbitration-friendly legislations that improve ease of business and support. The BVI IAC Panel includes arbitrators from over 40 countries who speak more than 20 languages and is one of the most gender-diverse panels in the world. Equipped with state-of-the-art technology and the flexibility to meet virtual arbitrations' unique challenges, BVI IAC offers world-class facilities for conducting arbitral hearings. For more information, please visit http://www.bviiac.org.
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SOURCE British Virgin Islands International Arbitration Centre
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