TRAC ARBITRATION RULES
On January 31, 2005, the Secretary-General of the AALCO approved the TRAC Rules of Arbitration (the “Rules”). The Rules were published in July 2005.
The TRAC Rules of Arbitration are essentially based on the UNCITRAL Rules of Arbitration which are well known to the practitioners and, as a widely used set of procedural norms, would be capable of offering a higher comfort to the parties. However, certain aspects of the UNCITRAL Rules of Arbitration have been modified in order to take into consideration the institutional character of the arbitration cases conducted under the Rules.
The 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 were also free to select the place of arbitration, the procedural rules and also the substantive law that may 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.