CPR Releases Global Rules for Accelerated Commercial Arbitration Disputes
September 3, 2009
CPR INSTITUTE RELEASES NEW GLOBAL RULES FOR ACCELERATED COMMERCIAL ARBITRATION DISPUTES BASED ON A SIX-MONTH HEARING TIME FRAME
NEW YORK, NY, September 3, 2009 – The International Institute for Conflict Prevention & Resolution (CPR Institute) – a nonprofit alliance of the largest global corporations, law firms, scholars, and public institutions, announced the completion and promulgation of Global Rules for Accelerated Commercial Arbitration Disputes, effective August 20, 2009. These new Rules are designed as an alternative to assist parties who might otherwise face litigation or arbitration of disputes.
These formalized Rules are in response to a growing dissatisfaction with the prolonged time frames and expense associated with arbitration within the United States and abroad. This frustration, coupled with the CPR Institute’s ability to bring together corporate and outside counsel to forge cutting edge new tools for business disputes, led the organization to challenge the existing American structure and develop an accelerated arbitration procedure for commercial arbitration disputes centered on a six month hearing time frame.
The process retains the hallmarks historically associated with arbitration: a fair, expeditious, private, and less expensive process than litigation. It also contains familiar protections to avoid erosion of parties’ rights that could occur with a less carefully drafted procedure. Nonetheless, it allows tight arbitrator control and fosters compressed time frames to bring about sought-after speed and reduced expense.
The Rules are available to the public on the website of the CPR Institute at www.cpradr.org or by accessing this link.
About the CPR Institute
CPR Institute provides thought leadership and innovation as the global resource for conflict management and resolution of complex business-related disputes. Its wealth of intellectual property and published material has educated and motivated General Counsel and their law firms around the world toward an increased reliance on alternative forms of dispute resolution rather than litigation. CPR Institute’s membership is comprised of general counsel and senior lawyers of Fortune 1,000 organizations, partners in the top law firms around the world, as well as leading judges, government officials, neutrals, and academics. Its proprietary panel of esteemed arbitrators and mediators has provided resolutions in thousands of cases, with billions of dollars at issue, worldwide. For more information, please visit www.cpradr.org.