Dhaka, Bangladesh (BBN) – The International Chamber of Commerce (ICC) has launched a much-anticipated revised version of its Rules of arbitration with the aim of better serving the existing and future needs of businesses and governments engaged in international commerce and investment.
The new Rules will come into force on 1 January 2012 and take into account current requirements and developments in arbitration practice and procedure, as well as developments in information technology, since they were last revised in 1998, according to an ICC press statement issued from Paris.
Approved in Mexico City by the ICC World Council in June, additions to the Rules include provisions to address disputes involving multiple contracts and parties; updated case management procedures; the appointment of an emergency arbitrator to order urgent measures; and changes to facilitate the handling of disputes arising under investment treaties and free trade agreements.
Other amendments have also been made to ensure that the arbitral process is conducted in an expeditious and cost-effective manner.
In answer to the growing demand for a more holistic approach to dispute resolution techniques, the new Rules are published in a booklet that also includes the ICC ADR Rules, which provide for mediation and other forms of amicable dispute resolution.
Both sets of Rules define a structured, institutional framework intended to ensure transparency, efficiency and fairness in the dispute resolution process while allowing parties to exercise their choice over many aspects of procedure.
The revision process began in 2008 and was undertaken by a small drafting committee of up to 20 members, supported by a wider task force of 202 members and a consultation process with ICC national committees around the world and the ICC Commission on Arbitration.
A sold-out launch conference took in Paris on September 12 gave over 270 participants a comprehensive overview of the changes to the Rules and a valuable chance to have direct interaction with several drafting group experts, according to the statement.
The Rules are available in several languages and are intended for use by parties in any part of the world in proceedings conducted in any language and subject to any rules of law.
BBN/SSR/AD-14Sept11-8:42 pm (BST)
