Japan Commercial Arbitration Association amends rules | Practical Law
The Japan Commercial Arbitration Association (JCAA) amended its Commercial Arbitration Rules (the Rules) and Regulations for Arbitrator's Remuneration (the Regulations) on 1 January 2008. The Regulations have been changed to reflect a substantial increase in hourly rates for arbitrators. The new maximum hourly rate is YEN 80,000 (about £380). Given that historically the maximum hourly rate for arbitrators has been relatively low, it is hoped that this amendment will attract more top international arbitrators to conduct JCAA arbitrations.