13.04.2024Updated GIAC Arbitration Rules: Enhancing Efficiency and Quality
We are pleased to announce the amendments to the GIAC Arbitration Rules, effective as of April 12, 2024. These revisions mark a pivotal step in our commitment to continually improving our arbitration procedures, ensuring fairness, efficiency, and excellence in dispute resolution.The primary focus of these amendments is on enhancing the arbitration costs associated with fast-track procedures.
Since the initiation of fast-track arbitration procedures in 2017, we have diligently facilitated expeditious dispute resolution without revisiting the associated costs. However, in light of advancements and to uphold our standards of excellence, it became imperative to recalibrate the fee structure.
As such, the adjustments include a slight increase in the administrative fee and a more significant adjustment in arbitrators' fees. These revisions are essential to attract and retain highly qualified arbitrators, ensuring the proficient adjudication of disputes.
Furthermore, in alignment with global arbitration best practices, GIAC has introduced a new provision regarding the cost of emergency arbitrator. The fee for this service is set at USD 5,000, comprising USD 4,000 as the emergency arbitrator's fee and USD 1,000 for administrative expenses.
We invite you to explore the updated arbitration rules in detail by visiting the following link: https://giac.ge/ka/text/8/3/6
