New Prague Rules on Efficient Conduct of Proceedings in International Arbitration
On December 14, 2018, the Rules on the Efficient Conduct of Proceedings in International Arbitration, also known as the Prague Rules, are scheduled to be released. These proposed rules on the taking of evidence in arbitration adopt a more inquisitorial approach. The hope is that the new rules will help reduce the duration and cost of arbitrations. Parties and Arbitral Tribunals may decide to apply the Rules as a binding document or as guidelines to all or any part of the proceedings. These rules came about because of dissatisfaction with the time and costs involved in document production and the direct and cross-examination of witnesses.