The Revised ICC Rules Of Arbitration

Introduction

The International Chamber of Commerce (ICC) Court of Arbitration (the ICC Court) is regarded as the leading international arbitral institution. Based in Paris, France and founded in 1923, it has supervised over 15 000 cases - many high profile. Awards made by the ICC Court are celebrated for their quality which are reportedly scrutinised multiple times before being released to the parties. These factors make the ICC Rules of Arbitration (ICC Rules) one of the most used in international commercial contracts. These rules maintain the effective functioning of the ICC Court and were updated on 1 January 2012 (the new rules).

The new rules

The new rules automatically apply to all ICC arbitrations commencing after 1 January 2012, unless the parties' arbitration agreement stipulates that the ICC rules in force at the time of contracting shall apply. The new rules were necessitated as the result of changes in both arbitration practice and technology over the years.

The new rules include mechanisms for dealing with:

1. The Appointment of Emergency Arbitrators. This enables parties to claim urgent interim relief prior to the constitution of the actual arbitral tribunal. The mechanism is voluntary: parties may choose to opt out of the mechanism in favour of an alternative (and possibly less expensive) mechanism of obtaining interim relief or they may opt out of the procedure completely. The current fee for an application for an ICC emergency arbitrator is approximately US$40,000.00.

2. The Joinder of Parties and Claims. The updated provisions are said to be more robust than the old rules as they allow for several claims to be heard by the same ICC tribunal, where these arise:

   from the same arbitration agreement; or between the same parties. However, the implementation of these provisions may be hamstrung by the requirement that all the relevant parties agree to the joinder.

3. Time and Costs. The new rules notably include a duty to conduct the arbitration "...in an expeditious and cost-effective manner, having regard to the complexity and value of the dispute." This binds the tribunal as well as the parties. Alongside this, provision has been made for consultations and/or meetings between parties. These will allow parties to separate issues that may be resolved by, amongst others:

   agreement between the parties; strict reliance on documentary evidence; and partial awards. 4.The Impartiality and Independence of Arbitrators. Previously, the...