What do the new DIAC Arbitration Rules 2022 mean for your arbitration agreement?March 2022
Last week the Dubai International Arbitration Centre released the much anticipated new DIAC Arbitration Rules 2022 (“New DIAC Rules”) revamping and replacing the previous DIAC Arbitration Rules 2007.
The New DIAC Rules will come into effect on 21 March 2022 and provide that all new requests for arbitration submitted to the DIAC after this date will be governed by these rules.
They appear to be an improvement of the previous rules and a positive step towards making Dubai an attractive centre for arbitration
The default seat under the New DIAC Rules, unlike its predecessor, is the DIFC allowing any Award to be ratified in a simpler way.
Another welcome change in the New DIAC Rules is the consolidation of claims which, subject to meeting certain criteria, allow a party to submit a single Request for Arbitration with regard to multiple claims arising out of or in connection with more than one arbitration agreement.
Third party funding is also dealt with although a party must be wary as to when it can safely enter into a third-party funding arrangement and when it is required to disclose the third-party funding arrangement to the other parties and to the DIAC.
We have received a number of requests for clarification of the New DIAC Rules since last week’s announcement and if you have any questions, please reach out to any of our team who would be happy to assist.Download PDF