Business | Banking
Additions to 'Rules of the DIFC Courts' posted for public consultation
The Dubai International Financial Centre (DIFC) Courts announced on Tuesday that it has posted new additions to the 'Rules of the DIFC Courts' for public consultation.
- Staff Report
- Published: 12:11 December 23, 2008
Dubai: The Dubai International Financial Centre (DIFC) Courts announced on Tuesday that it has posted new additions to the Rules of the DIFC Courts for public consultation.
The additions to the Rules include Part 43, focused on Arbitration, and Part 53, focused on the Small Claims Tribunal.
Both new Parts have been posted on the DIFC Courts website, www.difccourts.ae, for a 30-day public consultation period, from 19 December 2008 to 18 January 2009. The public is invited to comment on the additions to the Rules during this period.
Part 43 of the Rules sets out the procedures relating to claims arising from Arbitrations conducted in the DIFC LCIA Arbitration Centre. This will involve the general powers of a supervisory Court, including interim applications as well as enforcement and ratification of arbitration awards.
Part 53 of the Rules deals with the process of opening claims, in the unique fast-track Small Claims Tribunal, created for claims involving amounts of up to Dh100, 000.
Sir Anthony Evans, Chief Justice of the DIFC Courts said: "The Rules of the DIFC Courts are intended to incorporate global best practices. The new additions reflect the formation of the DIFC/LCIA Arbitration Centre and of the Small Claims Tribunal, which already represents an important part of the jurisdiction of the DIFC Courts. The Rules will constantly evolve according to needs of companies in the financial district and as part of our efforts to create the most independent, fair, transparent and efficient judicial system possible."
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