Madrid, 19 October 2023. Madrid International Arbitration Center (CIAM) has approved in plenary session its new Rule, mainly aimed at streamlining the arbitration process with shorter deadlines. The new Rules, which will take effect on 1 January 2024, have been the result of the collective effort of the entire CIAM team and, in particular, its Good Practices Committee. This committee aims to ensure that the Center complies with the highest quality standards and is composed of leading professionals in international arbitration (Alexis Mourre – Committee President -, Filipa Cansado, Andrés Jana, Diana Correa, Sabina Sacco, and José Ricardo Feris).
The amendment to the Rules introduces necessary wording adjustments and, among other innovations, highly expedited procedures and optional challenge of the award, changes in the procedures for the appointment, confirmation, and designation of arbitrators, and changes in the arbitrators’ fee schedules. To facilitate understanding of the changes, please find a brief explanatory note of the most significant changes.