The P.R.I.M.E. Finance Arbitration Rules are based on the UNCITRAL Arbitration rules (as revised in 2010). However, in order to "institutionalise" the UNCITRAL Rules, P.R.I.M.E. Finance was built in as the body administering the arbitral proceedings.
In preparing the rules we have kept deviations from the original text to a minimum, both with a view to the role of the Permanent Court of Arbitration and in order to ensure that, in the case of any ambiguities, reference may easily be made to the commentaries on the UNCITRAL Arbitration Rules 2010. Nevertheless, to reflect the market need of speedy resolution of disputes, we have included several provisions and annexes, which allow the parties to arbitral proceedings to shorten time frames in several ways.
In this regard, the most significant additions include:
- The arrangement with the Secretary-General of the PCA means that, in cases where an Appointing Authority is required, he will make appointments on the basis of the P.R.I.M.E. Finance List of Arbitrators;
- Article 26a and Annex C, together providing for Emergency arbitral proceedings before the arbitral tribunal in the main proceedings has been appointed;
- The general provision for expedited proceedings as set out in Article 2a of the Rules; and
- The Referee arbitral proceedings in Article 26b and Annex D to the Rules, which allow for fast track proceedings which result in an enforceable award within 30 to 60 days. Please note that this particular fast track option is only open to parties which have agreed that the seat of the arbitration shall be in The Netherlands.