The International Chamber of Commerce (“ICC”) has amended its Arbitration Rules (“ICC Rules”) effective as of 1 March 2017. Mainly, amendments aim to launch of new rules including but not limited to expedited arbitration procedure for small claims.
Amendments intend to establish more transparent and trustworthy nature to arbitration proceedings. Revised rules will be applicable to all arbitration proceedings initiated after March 1, 2017, while the Expedited Procedural Rules (“Expedited Rules“) will automatically apply to disputes with arbitration agreements concluded after 1 March 2017 where the amount in dispute does not exceed USD 2,000,000. This client alert provides a brief overview of significant changes on the ICC Rules.
For full copy of the alert, please click here.