The United Nations Commission on International Trade Law (UNCITRAL) recently announced the adoption of the unique Model Clauses on Specialized Express Dispute Resolution (SPEDR), setting a new international benchmark for faster, more efficient arbitration proceedings. In its session starting this Monday, it is set to finalize the draft explanatory notes.
Key Highlights:
- Rapid Arbitrator Appointment: The SPEDR Clauses provide for the selection of a sole arbitrator within 7 days.
- Expedited Awards: Awards can be rendered within as little as 45 days from the tribunal's formation, significantly reducing adjudication time.
- Efficient Dispute Resolution: The Model Clauses utilize appointing authorities and technical advisors to enhance proceedings.
- International Recognition: Adoption of the SPEDR Clauses can provide Israeli companies with a globally recognized standard for faster dispute resolution.
The SPEDR Model Clauses are a major step forward, particularly for the tech industry, post-merger integration matters, and IP disputes, where time is critical and delays can render resolutions ineffective.
For more information, please refer to the newsletter authored by Partner Yoav Razin, Head of Naschitz Brandes Amir’s Commercial Litigation Practice, and Litigation & Dispute Resolution Associate, Azariah Hacohen.
Click here to read the newsletter.