New International Institute for Conflict Prevention and Resolution (“CPR”) Rules for use in cross-border business transactions became effective on December 1, 2014. According to a CPR media release, the Rules for Administered Arbitration of International Disputes were “developed by expert in-house and law firm practitioners, reflect best practices, including the arbitration work of UNCITRAL, and address current issues in international arbitration, such as arbitrator impartiality, lengthy time frames to reach resolution, burdensome and unpredictable administrative costs and requirements.”
Key features of the new CPR Rules reportedly include:
- Time to Award – CPR must approve any extensions beyond one year from the constitution of the Tribunal
- Expert Panels – Access to the experienced neutrals on CPR’s global and industry-specific panels, but the ability to designate for appointment any arbitrators of their choosing
- Confidentiality – The arbitrators, parties and CPR are all subject to an express confidentiality requirement
- Innovative “Screened” Selection Process – Parties may agree that the arbitrators can be appointed without knowing which party selected them to ensure impartiality
- Fixed Fee Scale – Flat fees based on amount in dispute are often lower and always more predictable
- Capped Administrative Costs – CPR’s sliding fee schedule is capped at U.S. $34,000, absent special circumstances
- Party Control – The Rules enable parties to control the process by providing only for those administrative functions needed
- Multilingual Administrators – CPR’s experienced, multilingual staff attorneys administer arbitrations
- Settlement Opportunities – The Arbitral Tribunal is authorized to propose settlement and assist the parties in initiating mediation at any stage of the proceedings
- International Arbitration Council – Access to an independent body of expert practitioners available to assist CPR as needed
For further information about the new Rules, please visit CPR’s website.
Photo credit: epSos.de / Foter / CC BY
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