Review of the KCAB International Arbitration Rules, Recently Revised, in Comparison with the Revised ICC Arbitration Rules

대한상사중재원 국제중재규칙의 개정 동향 - ICC 중재규칙의 개정과 비교하여 -

  • Received : 2012.07.13
  • Accepted : 2012.07.27
  • Published : 2012.08.02

Abstract

The Korean Commercial Arbitration Board (KCAB) recently revised its International Arbitration Rules in a way that reflects its efforts to advance its procedures, leading directly to improved competitiveness as an arbitration institute. Apart from certain limitations, the KCAB's international arbitration rule revision introduced several new arbitration mechanisms, including fast-track arbitration and an empowered administrative office. The International Chamber of Commerce (ICC) released a revised set of arbitration rules (ICC Arbitration Rules), which have been said to be probably the most consulted-on arbitration rules ever. Even though the changes codify existing ICC court practice and add to the 1998 rules only provisions felt necessary in light of input from the users of arbitration, some of the changes will have huge implications for future aspects of arbitration mechanisms, especially those of KCAB. Although it remains to be seen what impact the ICC Arbitration Rules will have in practice, the new rules have been well received by the arbitration community and represent a modern set of provisions consistent with the current needs of the users of international arbitration. That is why, here in the Korean arbitration environment, further research is needed on the possibilities of introducing several elements of the revised ICC Arbitration Rules to improve the speed and cost efficiency of international arbitration.

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Acknowledgement

Supported by : 목원대학교