Regulates the settlement of disputes registered before March 20, 2022
An agreement that allows the “London Court” to manage the disputes considered by the arbitration institution in the “Dubai International Financial”
The Dubai International Arbitration Center and the London Court of International Arbitration announced that they have signed an agreement that is consistent with Dubai Government Decree No. (34) of 2021, according to which the “London Court of International Arbitration” will manage all existing dispute and arbitration cases that were considered by the arbitration institution at the Dubai Center International Financial Center, according to the rules of arbitration known as “RULES DIFC-LCIA” (that is, cases that have been registered and work to be settled in the DIFC Arbitration Institution under a specific and specific case number, on or before March 20, 2022), from its center main in London.
money management
The two sides also agreed on an organized mechanism for managing funds and amounts that were paid by the disputing parties, which were in the bank accounts that were owned by the Arbitration Institution in the Dubai International Financial Center and are now owned by the Dubai International Arbitration Centre.
Based on the agreement, the Dubai International Arbitration Center will transfer the funds related to the cases and cases to the London Court of International Arbitration, which in turn will spend it on the parties and the beneficiaries directly.
The London Court of International Arbitration will communicate on this matter with the disputing parties and arbitral tribunals as soon as practicable, in what can be directed all inquiries related to cases and cases in which work was started and officially registered on or before 20 March 2022, to the e-mail: “DIFC” LCIAcasework@lcia.org.
Issues after March 21
For all arbitration, mediation and other ADR procedures in which the arbitration clause refers to the DIFC-LCIA RULES Rules;
Including the special arbitration procedures in which the arbitration institution in the Dubai International Financial Center is required to be the body that appoints the members of the arbitration panel or is the supervisor of the procedures;
Which commenced proceedings on or after March 21, 2022 under a specific case number (or whose proceedings began before March 21, 2022 but were not registered with the DIFC Arbitration Institution under a specific case number), will be registered and managed directly by the Dubai International Arbitration Centre. Through its administrative body, in accordance with the rules adopted by the Dubai International Arbitration Center, including the schedule of fees and costs in force from time to time, through the Center’s case management systems, unless the parties agree otherwise.
Arbitration costs
As for the money and fees paid by the parties to arbitration, in relation to the costs of arbitration of cases that started on or after March 21, 2022, they must be transferred to the bank accounts owned by the Dubai International Arbitration Centre, in what can be directed to all inquiries related to cases and lawsuits that started and officially registered On or after March 21, 2022 to the email: «ArbitrationCentre@DIAC.ae».
Dubai International Arbitration
Dubai International Arbitration is a non-governmental center that enjoys legal personality and financial and administrative independence. Its objectives are to consolidate Dubai's position as a reliable global center for resolving disputes through alternative means, and to enhance the position of the center as one of the best options for parties to disputes to resolve their disputes efficiently and effectively, through the application of best practices. International in the field of managing alternative means of dispute settlement procedures, in a way that serves the financial and business community in the UAE and enhances the elements of excellence in it.
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