NEWSLETTER-2020-metin

206 NEWSLETTER 2020 Provision has been made with respect to compliance and data protection issues with the inclusion of new Articles 24A and 30A. The LCIA Rules now set out a three-month time limit, encour- aging tribunals to render their award within three months following the last submission made by the parties (whether made orally or in writing); whereas, the previous version of the Rules merely provided that tribunals should issue their final awards as soon as reasonably practicable following the last submission from the parties. Additionally, the Schedule of Arbitration Costs 4 has also been amended. Particularly, the maximum hourly rate provided for arbitra- tors has increased from £450 to £500, taking into consideration the complexity and significance of certain cases. However, in exceptional cases, the rate may be higher as previously set out in the Schedule of Arbitration Costs. The registration fee to commence an arbitration, the hourly rates of the LCIA Secretariat, the application fee for the appointment of an Emergency Arbitrator, and the Emergency Arbitra- tor’s fee, have also been increased. As a reflection of the amendments made with regard to tribunal secretaries, a provision has been included regarding their hourly rates. Conclusion The changes made to the LCIA Rules are likely to increase the efficiency of arbitrations conducted under the LCIA Rules and, thus, the updates are welcomed. It seems plausible to suggest that these up- dates will allow the LCIA to maintain its position as one of the leading arbitration institutions. 4 The Schedule of Costs is acccessible at: https://www.lcia.org//Dispute_Resolu- tion_Services/schedule-of-costs-lcia-arbitration-2020.aspx