New LCIA Arbitration Rules Come Into Effect On October 1, 2014

International arbitration is often selected over traditional litigation for resolving commercial disputes, as it is typically perceived that arbitrations can be undertaken more efficiently and swiftly than litigation. In recent years, and in the face of disputes that are becoming ever-more complex, some of the world's significant arbitration rule systems have been substantially amended to preserve the efficient and speedy character of arbitration.

On the heels of those events, the London Court of International Arbitration (LCIA), which handles hundreds of international arbitrations every year, recently amended its arbitration rules. These amended rules, which update the LCIA's 1998 arbitration rules, come into force on October 1, 2014, and seek to promote a more speedy, efficient, and fair arbitration process, one that is more aligned with modern arbitral practice.