Finance arbitration

P.R.I.M.E. Finance

These Practice Notes reflect the current edition of the Panel of Recognised International Market Experts in Finance (P.R.I.M.E.) Rules that came into force on 1 January 2022.

P.R.I.M.E Finance background, structure and purpose

This Practice Note gives some background to the P.R.I.M.E. Finance Arbitration Rules to assist practitioners to understand the context, use and advantages of the rules. For more information, see Practice Note: P.R.I.M.E. Finance—background, structure and purpose.

P.R.I.M.E. Finance—commencing an arbitration

This Practice Note sets out how to commence an arbitration under the P.R.I.M.E. Finance Arbitration Rules by issuing a Notice of Arbitration. For more information, see Practice Note: P.R.I.M.E. Finance (2022)—commencing an arbitration.

P.R.I.M.E. Finance—responding to a Notice of Arbitration

This Practice Note sets out how to respond to a Notice of Arbitration issued under the P.R.I.M.E. Finance Arbitration Rules. For more information, see Practice Note: P.R.I.M.E. Finance (2022)—response to the notice of arbitration.

P.R.I.M.E. Finance—appointing, challenging and replacing the tribunal

This Practice Note sets out how the tribunal is appointed in an arbitration under the P.R.I.M.E. Finance Arbitration Rules. It also explains how to bring a challenge to an arbitrator,

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Latest Arbitration News

The English Court re-affirms the high hurdle that section 68 applications must overcome to set aside an arbitration award. (Collins and others v Wind Energy Holding Ltd)

Arbitration analysis: This case arises from a claim to set aside the final award in an LCIA arbitration, on the grounds of serious irregularity under section 68 of the English Arbitration Act 1996 (the ‘Act’). The claimants contended that the tribunal breached its duties under section 33 of the Act (‘Section 33’) by: (1) refusing to adjourn an evidentiary hearing to allow the claimants obtain legal representation and attend the hearing; (2) declining to admit and assess certain evidence tendered by the respondent in the arbitration; and (3) adopting an inappropriate approach to certain issues in the final award. In dismissing the claim and holding that no serious irregularity had occurred under section 68 of the Act (‘Section 68’), the court found that the claimants’ lack of legal representation was a self-inflicted consequence of their failure to take proper and prompt steps to vary a freezing order issued in related litigation proceedings. The court also concluded that it was the tribunal’s responsibility to determine the extent to which it needed to probe the respondent’s evidence and submissions in the arbitration. Additionally, the court stressed that it is not the court’s role ‘to tell an international commercial tribunal how to set out its award or the reason therefor’ under the guise of applying section 68. Accordingly, a claim that the tribunal has ignored or failed to have regard to evidence relied upon by one of the parties cannot form the basis of a claim under section 68 (2) (a) or (d). Written by Dr Ademola Bamgbose, solicitor advocate and senior associate at Hogan Lovells, London and IfeOluwa Alabi, associate at Hogan Lovells, London.

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