TRAC ARBITRATION RULES
In March 2018, after thirteen years of experience, TRAC released its new set of Arbitration Rules.
Similar to TRAC’s initial Rules (2005), which were based on UNCITRAL Arbitration Rules (1976), the Rules 2018 are essentially based on the new edition of UNITRAL Arbitration Rules (2010) with some modifications to fit institutional arbitration. Moreover, considering the recent trends in international commercial arbitration and the business users’ needs, some innovative features are added in the 2018 Rules. In particular, the Rules provide for an expedited procedure (Article 5), as well as the possibility of rendering emergency interim measures (Article 27 and appendix I).
TRAC Rules permit a vast level of freedom to the parties in order to determine the number of arbitrators, appoint the arbitrator of their choice or define the procedure for their appointment. The parties are also free to agree on different procedural aspects of the arbitration, as well as the substantive law that might be applied by the arbitrators.
The Interventions of TRAC are limited a minimum and only to the extent necessary to assist the arbitration to proceed.