The Asian International Arbitration Centre (AIAC) has released
its latest update to the AIAC arbitration rules, following their
last update in 2021. The new rules came into effect on 24 August
2023 and apply to all arbitrations under the AIAC, unless otherwise
agreed by parties.
The latest update reflects AIAC's aim of further modernising
its arbitral rules and will bring improvements to both efficiency
and cost-effectiveness of AIAC arbitration.
Notably, changes to the structure of the rules and procedures
give more flexibility to parties, and AIAC's focus on UNCITRAL
aligns it closer to global standards. Parties who want to keep
their arbitrations fully confidential, however, should note that
they now need to take active steps to retain confidentiality as the
latest rules now allow AIAC to disclose, produce or publish the
award after 2 years, unless the parties or tribunal disagree.
