Published 8 August 2018
There is little risk of "over-codification", in the sense of overly detailed regulation, in institutional arbitration rules. Parties remain free to adjust them, which is all the flexibility arbitration needs. Quite the opposite, the risk is that institutional rules are sometimes not ambitious enough at regulating a certain issue. This is not to advocate for more detailed rules. However, if an issue is tackled at all, it should be regulated properly-if only by explicitly reserving discretion etc. It is submitted that the new provisions on measures for security for costs in the Vienna Rules 2018 (Art. 33(6) and (7)) provide an example of such proper regulation. Their language must not be watered down by an overly creative interpretation.
Presented at the Center for International Legal Studies (CILS) "International Arbitration Symposium" which was held in Salzburg, Austria, 7 - 10 June 2018. Chairpersons: Laurent Hirsch and Silvia Marchili. More information www.cils.org