The GIAC Board meeting was held on March 10, 2017. The members of the board Nino Chikovani, Zviad Kordzadze, Jemal Inaishvili and Grigol Gvilava (representing Eka Gigauri) participated in the meeting. Board members discussed and unanimously approved new Arbitration Rules.
New version of Rules has corrected errors and omissions of the previous version and adopted important provisions which serve to approve arbitration procedure. For instance, time limits were shortened for appointing tribunal, new article was adopted regarding which version should prevail in case of controversy between the different versions of the rules. Furthermore, standard arbitration clause was amended in a manner that will be appropriate for established practice in Georgia.
The main change in new arbitration rules is adoption of Fast Track Arbitration Procedures, which incorporates various forms of expedited procedures. The key elements that differentiate Fast Track Arbitration Procedures from ordinary procedure are the time limited that were reduced by half, significantly reduced costs and reductive procedural provisions. Fast Track Arbitration Procedures shall apply where the amount in dispute does not exceed 100 000 USD. In case where the amount in dispute will be less than 100 000 USD the case will automatically fall under the provisions set forth in Fast Track Arbitration Procedures. In case where parties do not desire the dispute to be conducted under fast track procedure, they may explicitly exclude their applicability by the arbitration agreement.