The New ICC Arbitration Rules – What You Need to Know

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On January 1, 2012, the International Chambers of Commerce’s newly revised Rules of Arbitration (the “2012 ICC Rules”) took effect. The new rulesapply to all ICC arbitrations going forward, unless the parties agree to adopt the rules that were in effect when their arbitration agreement was executed.

This is the ICC’s first revised set of arbitration rules in thirteen years; the last revision was in 1998. Since then, both the use and practice of international arbitration have expanded significantly, and the Revisions are designed to bring the rules up to speed with current commercial and dispute resolution needs.

The revisions seek to address three developments in international arbitration: the increasing complexity of disputes, the desire for more effective case management, and the occasional need for urgent interim measures.

Please see full article below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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