CIETAC raises its game
November 24, 2014 | BY
clpstaffThe new CIETAC Arbitration Rules provide for emergency action, clarify the Hong Kong centre's role and expand use of the summary procedure. These changes show CIETAC is keeping up with global standards
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China's main arbitration institution has announced major initiatives, such as provisions for emergency relief, clarification of the Hong Kong centre's role and an expansion of summary procedure coverage.
The CIETAC Arbitration Rules (Rules) also include revisions to the guidelines for complex transactions, such as those for consolidation, new directives for multiple-contract single arbitrations as well as the joining of third parties. An arbitration court has been established to take over certain roles from the secretariat. The new Rules, which will replace the 2012 Rules, will come into effect on January 1 2015.