New Icc Rules Of Arbitration

Latest News on International Chamber of Commerce Rules of Arbitration

New ICC Rules of Arbitration

The International Chamber of Commerce (ICC) Rules of Arbitration were revised and updated in 2021. The new rules came into effect on 1 January 2021 and introduce several significant changes, including new provisions aimed at enhancing transparency and protecting the rights of parties.

Key Changes

Some of the key changes in the 2021 ICC Rules of Arbitration include:

• New provisions on transparency, including a requirement for parties to disclose certain information about themselves and their claims
• New provisions on the protection of parties' rights, including a right to a fair and impartial tribunal and a right to be heard
• Updates to key provisions, such as those on the conduct of the arbitration and the award of costs
• Formalization of the ICC's existing practice on the use of expedited procedures

Impact of the Changes

The changes introduced by the 2021 ICC Rules of Arbitration are expected to have a significant impact on the conduct of international arbitrations. The new rules are designed to make the arbitration process more transparent, fair, and efficient.