CPR OFFERS NEW RULES FOR ADMINISTERED INTERNATIONAL ARBITRATION
December 3, 2014
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Provides Improved Solutions for Resolving Cross Border Disputes
New York, N.Y., December 3, 2014 – The International Institute for Conflict Prevention and Resolution (CPR) has released a new set of Rules for Administered Arbitration of International Disputes, effective Dec. 1, 2014, for use in cross-border business transactions. The new Rules, 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.
“CPR’s new streamlined Rules for Administered Arbitration of International Disputes provide a unique blend of efficiency and cost effectiveness. Global businesses will benefit from having this option available for use in cross border contracts,” said John S. Kiernan, Chair, CPR Board of Directors, Partner, Debevoise & Plimpton, LLP.
“In the past decade, we’ve seen a surge in cross-border dispute activity but the absence of a clear set of rules that instill confidence in the international arbitration process and alleviate the perceived risks associated with pursuing arbitration,” said Noah Hanft, President & CEO of CPR. “CPR’s new Rules for Administered Arbitration for International Disputes are designed specifically to address the major concerns expressed by global businesses and we are excited to add them to CPR’s dispute resolution toolbox. With the addition of these rules, CPR will build on its heritage of innovation and offer the full range of both non-administered and administered options.”
The Rules provide fair, fast, flexible, and cost-effective procedures and increase quality through several unique features:
- 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
CPR is the only independent nonprofit organization whose mission is to help global business and their lawyers resolve commercial disputes more cost effectively and efficiently. For over 30 years, the legal community has trusted CPR to deliver superior arbitrators and mediators and innovative practical solutions to business conflict. CPR’s membership comprises the leading thinkers and practitioners in dispute resolution, including executives and legal counsel from the world’s most successful companies and global law firms, government liaisons, retired judges, highly experienced neutrals, and leading academics. For more information, please visit www.cpradr.org.