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Wednesday, February 8, 2017

Arbitration Rules Changed by International Chamber of Commerce

The Revised Rules of the International Chamber of Commerce "will apply from 1 March 2017. They provide that expedited procedure rules will automatically apply to all arbitrations with amounts in dispute below US$2 million and to cases involving higher amounts on an opt-in basis." The ICC explains "Under the Expedited Procedure Rules, the ICC Court will normally appoint a sole arbitrator, irrespective of any contrary term of the arbitration agreement. Awards must be made in six months from the case management conference, with extensions granted only in limited and justified circumstances."