What is DIFC arbitration?
What is DIFC arbitration?
The DIFC-LCIA administers arbitrations and mediations. The DIFC-LCIA’s main objective is to promote and administer effective, efficient and flexible arbitration and mediation services for businesses across various sectors in numerous languages and applying different governing laws.
What is the International Arbitration Law?
The use of international arbitration has evolved to allow parties from different legal, linguistic and cultural backgrounds to resolve their disputes in a final and binding manner, typically without the formalities of the procedural rules of their own legal systems.
Is DIFC an English law?
The DIFC Courts are an independent English language common law judiciary, based in the Dubai International Financial Centre (DIFC) with jurisdiction governing civil and commercial disputes nationally, regionally and worldwide. The DIFC Courts are part of the sovereign structure of the Emirate of Dubai, within the UAE.
What does Lcia stand for?
The London Court of International Arbitration (LCIA)
Who can act as arbitrator?
—(1) A person of any nationality may be an arbitrator, unless otherwise agreed by the parties. (2) Subject to sub-section (6), the parties are free to agree on a procedure for appointing the arbitrator or arbitrators.
Are there any seated arbitrations in the DIFC?
Arbitration seated in the DIFC is subject to the procedural framework set out in the DIFC Arbitration Law 2008. The Abu Dhabi Global Market (ADGM) legal system. The ADGM is a free zone in the Emirate of Abu Dhabi, established in 2013, that also has its own civil and commercial laws, and its own English-language common law courts.
How are arbitrators fees calculated in DIFC-LCIA?
The Centre’s and arbitrator’s fees for a DIFC-LCIA administered arbitration are calculated on an hourly rate system. The claim value is taken in consideration only when specifying the maximum hourly rates applicable to the Tribunal. This is different to the ad valorem system adopted by many of the other regional and global arbitration centres.
Which is the only arbitration court in the UAE?
The DIFC’s jurisdiction is only one of two in the UAE with an up-to-date arbitration law based on the UNCITRAL Model Law (DIFC Law 1 of 2008). Also the DIFC Courts, the curial courts for arbitrations seated in the DIFC (which is the preferred and default seat of DIFC-LCIA arbitrations), are arbitration friendly.
What kind of legal system does DIFC have?
The DIFC legal system. The DIFC is a free zone in the Emirate of Dubai, created in 2004, that has its own civil and commercial laws and its own courts. It is modelled on international best practice and largely follows the English common law approach.
