ICC launches revised Arbitration rules

The International Chamber of Commerce (ICC), the world’s largest business organisation, yesterday officially launched in Qatar the revised arbitration and mediation rules of the International Court of Arbitration.
The newly-amended rules, which came into effect from March 1, 2017 globally, is part of ICC’s efforts to improve transparency and curbing on fees and the duration of time in dispute resolution.
“The amendments to the ICC Rules of Arbitration have been made with the aim of further increasing the efficiency and transparency of ICC arbitrations. They provide for expedited procedure rules for cases of lower value (less than $2m)”, said Jose Ricardo Feris, Deputy Secretary-General, ICC International Court of Arbitration, Paris.
Feris added: “ The main changes will be introduced with a strong focus on features of the ‘Expedited Procedure’, including substantive and procedural aspects.”
One of the important features of the ‘Expedited Procedure Rules’ is that the ICC Court may appoint a sole arbitrator, even if the arbitration agreement provides otherwise. The expedited procedure is also available on an opt-in basis for higher-value cases, and will be an attractive answer to users’ concerns over time and cost.
To further enhance the efficacy of ICC arbitrations, the time limit for establishing ‘Terms of Reference’ has been reduced from two months to one month, and there are no ‘Terms of Reference’ in the expedited procedure. Under the 2017 Rules, ICC arbitrations will become even more transparent, for the Court will now provide reasons for a wide range of important decisions, if requested by one of the parties. The fees of the arbitrators (under expedited procedure) have been reduced by 20 percent to make the dispute settlement process through ICC Court speedier and more affordable.
The International Court of Arbitration is part of the ICC, the Paris-based association of businesses and industry chambers from over 130 countries. Its global network spans over six million members in more than 100 countries. This makes ICC unique, the only business organisation to so broadly representative of every facet of business.
Through its various arms, ICC is working to promote international trade, responsible business conduct and a global approach to regulation to accelerate inclusive and sustainable growth to the benefit of all.
Qatar has been one of the fastest growing arbitration jurisdictions in the region with Qatari parties increasingly opting for ICC arbitration. The new arbitration law will further strengthen Qatar as a hub of arbitration.
Feris, who was also part of a panel discussion, provided a presentation on the revised rules, with special focus on ‘Expedited Rules’ highlighting the scope of applications and procedural aspects.