Feb 2023
BVI Litigation Partner Richard Evans and Associate Jane Fedotova were pleased to contribute this article to the Indian Journal of Arbitration Law.
The British Virgin Islands [“the BVI”] is an asset holding jurisdiction for many international businesses. Companies incorporated in the BVI are often involved in international arbitrations administered by leading arbitral institutions. With the introduction of the BVI International Arbitration Centre [“BVI IAC”] and the BVI becoming a signatory to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, 1958 [“New York Convention”] in 2013, it became possible to conduct arbitrations (involving BVI entities) with the seat in the BVI and under the governance of the BVI IAC Rules. This article provides an analytical review of the recently updated BVI IAC Arbitration Rules 2021[“Rules”]. In particular, the authors discuss the newly introduced procedure of the emergency arbitrator, expedited procedure, the joinder of third parties to an arbitration, procedures dealing with multiple arbitrations, introduction of the role of a tribunal secretary and other amendments.
The comparative analysis of the Rules against the rules of other leading arbitration institutions will assist the readers in identifying the advantages of choosing the BVI IAC Arbitration Rules. The Rules have been characterised as “a statement of intent for the future”1 due to the BVI IAC’s re-confirmed commitment to a transparent, timely, efficient, and fair resolution of complex cross-border disputes.
Read more below.
1 British Virgin Islands International Arbitration Centre (BVI IAC) Arbitration Rules, 2021, Foreword by John Beechey CBE [hereinafter “BVI IAC Rules”]