Effective 28 February 2018, the Kuala Lumpur Regional Centre for Arbitration (KLRCA) will now be known as the Asian International Arbitration Centre (AIAC). The name change is part of the AIAC’s rebranding exercise in their attempts to expand and become a global hub for dispute resolution.
Among other things, the AIAC will be launching its revised AIAC Arbitration Rules 2018 (formerly known as the KLRCA Arbitration Rules) on 9 March 2018. The AIAC Arbitration Rules 2018 will include:
- User friendly guide providing ten most relevant definitions used throughout the Rules
- New model arbitration clause and model submission agreement
- New rules as to commencement of arbitration
- Expeditious appointment of emergency arbitrators
- Joinder of the Parties
- New power of the Director of the KLRCA to consolidate disputes
- Technical review of Awards
- Simplified structure of Schedules
The name change comes pursuant to the Arbitration Amendment Act 2018 (“AAA“), which came into force on 28 February 2018. Under the Arbitration Amendment Act, all references to KLRCA in any written law or document subsisting before the AAA shall be construed as a reference to the AIAC. However, all acts, directions, decisions etc done by the KLRCA before this shall continue to remain in full force and effect unless otherwise amended or revoked.
For more information on the AIAC, visit their new website at www.aiac.world
