The amendments aim to increase transparency and efficiency in the arbitral proceedings.
..To increase transparency, parties must disclose “the existence and identity” of third-party funders.
..To increase efficiency, arbitral tribunals may decide to conduct hearings remotely, irrespective of any objections from the parties.
..New provisions allow the joinder of additional parties and the consolidation of multi-party or multi-contract arbitrations.
On 1 December 2020, the International Chamber of Commerce (ICC) published the ninth iteration of its arbitration rules (the 2021 Rules). The 2021 Rules — which came into effect on 1 January 2021 and will apply to all disputes submitted to the ICC thereafter — introduce a number of amendments to increase transparency and minimise the effects of the COVID-19 pandemic on proceedings, as well as new specific provisions for complex arbitrations and investment treaty disputes. This Client Alert provides a summary of these amendments.
Please see full Alert below for more information.