Help to arbitration process: Prague Rules signed


On behalf of the International Arbitration Court of the Czech Commodity Exchange, Štěpán Holub signed on December 14th  The Prague Rules.

The purpose of The Prague Rules is to help arbitral tribunals to increase their effectiveness when managing proceedings by providing them with a guideline. This framework encourages a more active role for arbitral tribunals, thus helping to palliate the time and costs involved with arbitral proceedings. The Prague Rules, also called Rules on Efficient Conduct of Proceedings, are not intended to replace the arbitrations rules in place but are designed to supplement the procedure. It is up to the parties and the tribunals to choose if they want to apply it as a legally binding document or only as a guideline. As a matter of fact, this text does not innovate in terms of law but simply assembles the different techniques into one document.
Moving towards a more clear, less costly and faster arbitration process, The Prague Rules may well be the solution much sought after.

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The International Arbitration Court of the Czech Commodity Exchange is a permanent arbitration court, with a registered office in Prague. It resolves disputes arising from domestic and international commodities trading and from related receivables.
Štěpán Holub is one of the board members of the court.

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