Gafta Arbitration Rules Changes 01 July 2024
5 Вересня, 2024
32
Following careful consideration at Gafta’s Arbitration Committee, Gafta Council has approved the following changes to Gafta 125 and 126 Rules. The changes will become effective for contracts entered into on or after 1 July 2024. The new Rules can be found on Gafta’s website.
Gafta 125 Rules:
A new rule, Rule 24.3, has been added to the Gafta 125 Rules to prohibit a defaulter on a Gafta award of arbitration from applying to place another party on the list of defaulters.
24.3 Any Party to an arbitration or to an appeal, who makes an application, to Gafta, to place the other party in default of this clause [24], shall be prohibited from doing so, if, at the time of the application, they are included on the list of Defaulters as published from time to time by Gafta.
Gafta 126 Rules:
10. 3 Any Party to an arbitration, who makes an application, to Gafta, to place the other party in default of this clause [10], shall be prohibited from doing so, if, at the time of the application, they are included on the list of Defaulters as published from time to time by Gafta.
Source: https://www.gafta.com/Login.aspxReturnUrl=%2farbitration-news%2fgn-2024-082-gafta-arbitration-rules-changes-01-july-2024%2f279103&itemname=News
