The ICC Rules of Arbitration revision comes into force on 1 March 2017. By this action the ICC continues its efforts to make arbitration more time and cost effective.
The most important change concerns the Expedited Procedure Rules (Article 30 and Appendix VI) which applies to claims of the value of less than USD 2 million. The main features of the Expedited Procedure are:
- A dispute will be heard by a sole arbitrator even if the parties have agreed to the contrary in an arbitration agreement
- The tribunal may decide the dispute, after consulting the parties, based on documents only, with no hearing and no examination of witnesses or experts
- A case management conference must be held within 15 days of receiving the file by the tribunal and an award must be rendered within 6 months of the holding of the case management conference
- The arbitrator's fee range has been reduced by app. 20%
Other amendments to the ICC Rules of Arbitration relate mainly to the manner of communicating decisions on the tribunal's constitution, the term for submitting the Terms of Reference, and the extension of the parties who may raise jurisdictional objections.
Please note that all the amendments will apply to the arbitration agreements concluded on or after 1 March 2017.
For more information, see the link to the revised ICC Rules of Arbitration.