Stockholm Chamber of Commerce Arbitration Institute Has Published 2023 Arbitration Rules
The Stockholm Chamber of Commerce Arbitration Institute ("SCC") has published the 2023 Arbitration Rules ("the 2023 Rules"). Unless otherwise agreed by the parties, the 2023 Rules will apply to arbitration proceedings based on arbitration agreements referring to the SCC which are initiated after 1 January 2023.
The 2023 Rules essentially retain the structure of the 2017 SCC rules. However, they aim to provide greater clarity for the parties. In this regard, the 2023 Rules contain a number of amendments to the wording.
The section of the model arbitration clause whereby the parties determine the number of arbitrators has been removed from the 2023 Rules. In addition, Article 32 gives discretion to the arbitral tribunal to hold hearings either physically or online.
Article 45/2 authorises the arbitral tribunal to terminate the proceedings through a termination order if the proceedings need to be terminated for any reason prior to the final award. Similarly, Article 51/5 authorises the arbitral tribunal to terminate the proceedings, in whole or in part, where the case has been referred to the arbitral tribunal, if a party fails to pay the required advances of costs.
The 2023 Rules are accessible from the link below:
https://sccarbitrationinstitute.se/en/resource-library/rules-and-policies/scc-rules
Tagged with: Akıncı Law Office, Ziya Akıncı, Beril Kasap, Dispute Resolution, Arbitration
Successful