New “HCCI” Arbitration Rules
Published: Feb 9, 2018
The Arbitration Court Attached to the Hungarian Chamber of Commerce and Industry published its new Arbitration Rules applicable from February 1, 2018.
The new Arbitration Rules replace the Rules that have been in effect since March 1, 2011, and continue to apply to proceedings that were pending on January 1, 2018.
The Arbitration Rules constitute a completely new set of rules as regards both their structure and content, complying with Act LX of 2017 on Arbitration and meeting international standards and regulatory needs, with a view to the efficiency, flexibility and integrity of arbitral proceedings.
Innovations in the Rules are, amongst others, the rules on interim relief, the case management conference to be held within 30 days following the constitution of the tribunal, and the consolidation or closing of the proceedings. Simultaneously, provisions on the constitution of the arbitral tribunal and those on arbitration fees and costs have been modernized.
The Model Arbitration Clause published with the Arbitration Rules suggests the stipulation of the Expedited Procedure Rules, available for parties in an opt-in regime.
The Court of Arbitration also published new Mediation Rules in conformity with the UNCITRAL Model Law on International Commercial Conciliation 2002.
With the user-friendly Rules effectively addressing regulatory needs, professional proceedings have been introduced that constitute a competitive and viable alternative to commercial litigation which can be maintained at international level.
The content of this newsletter is for information purposes only and should not be treated as legal advice by KNP LAW Nagy Koppany Varga and Partners or any of their attorneys. For more information please contact us.