Under the Russian arbitration legislation, only those arbitral institutions that received an official PAI status from the Russian Government may administer arbitral proceedings with a seat in Russia.
The official status of a PAI provides certain advantages, as compared with foreign arbitral institutions or ad hoc arbitration:
Arbitration Center at the Institute of Modern Arbitration operates at autonomous non-profit organization “Institute of Modern Arbitration” (IMA) steered by the Federal Bar of Attorneys of Russia and the Saint-Petersburg International Legal Forum.
The main body of the Arbitration Center is the Board comprising 9 reputable legal professionals. The Board and its members are completely independent from the IMA, as they are elected by the arbitrators from the recommended list of arbitrators. The Board now includes prominent academics, partners of Russian and international law firms, retired judges of the Supreme Arbitrazh (Commercial) Court. The Board is subject to partial rotation every 3 years.
The recommended list of arbitrators of the Arbitration Center at the Institute of Modern Arbitration includes more than 90 legal professionals, among whom there are leading practitioners, counsels, academics, retired judges. However, the parties referring their disputes to arbitration administered by the Arbitration Center may appoint any arbitrators, even not included in the Arbitration Center’s list of arbitrators.
The Arbitration Center also maintains a separate international arbitration database that includes more than 40 foreign practitioners from various jurisdictions (UK, France, Sweden, Switzerland, Singapore, Hong Kong, Japan, Australia, USA) who have consented to act as arbitrators in the proceedings administered by the Arbitration Center.
Arbitration Rules 2017 are one of the most advanced modern arbitration rules based on the best worldwide practices and recent trends in global arbitration.
Arbitration Rules 2017 are applicable to domestic arbitration, international commercial arbitration and arbitration of corporate disputes involving Russian companies. Arbitration Rules 2017 also provide for a mechanism of expedited arbitration allowing parties to reduce time and costs.
For ensuring the efficiency of arbitration, Arbitration Rules 2017 include such features as:
Case management conference and timetable of arbitral proceedings;
The Parties may also agree to apply hourly rates to their proceedings, instead of default ad valorem rates to attract highly professional arbitrators or in case of huge sums of claims.