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Newsletter | July 2016, Issue 2
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INTERNATIONAL ARBITRATION & CROSS-BORDER LITIGATION
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Korean Supreme Court Approves Recent Revisions to the KCAB International Arbitration Rules
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The Supreme Court approved the recent revisions to the International Arbitration Rules of the Korean Commercial Arbitration Board (KCAB). The revisions are slated to take effect on June 1, 2016.
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Following recent trends in international arbitration, the revised International Arbitration Rules provide several mechanisms for a faster and more efficient arbitration process.
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Notable Revisions
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Emergency arbitration procedure: Most notable of the revisions is the introduction of the emergency arbitration procedure. This procedure provides for immediate relief, analogous to preliminary injunction or preliminary attachment in court litigation.
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This affords parties the opportunity to obtain interim relief through an emergency arbitrator selected by the arbitration institution even prior to the constitution of the arbitral tribunal.
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First introduced in 2006 by the International Center for Dispute Resolution (ICDR) of the American Arbitration Association (AAA), the emergency arbitration procedure was quickly adopted by the Singapore International Arbitration Center (SIAC), the International Chamber of Commerce (ICC), the Hong Kong International Arbitration Center (HKIAC), and the London Court of International Arbitration (LCIA)8.
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Under the revised rules, an emergency arbitrator is required to decide on the procedural timetable within two working days from the date of his/her appointment, and issue a decision on the interim relief application within 15 days.
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Such s fast-track process is expected to allow for speedier relief when there is an urgent need for preservation of rights, and heighten the effectiveness of international arbitration.
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Other Considerations
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In addition to revising its International Arbitration Rules, the KCAB has been introducing procedures in the arbitrator selection process that aim to enhance the independence and impartiality of arbitrators, as well as procedures dealing with disputes involving several parties simultaneously.
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These changes are expected to result in a more widespread usage of KCAB’s services for the resolution of disputes in international transactions.
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Emergency arbitration procedures was adopted by the SIAC, the ICC, the HKIAC, and the LCIA in 2010, 2012, 2013, and 2014, respectively.
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