19 April 2017
The latest Rules of Arbitration of the International Chamber of Commerce (ICC) entered into force on 1 March 2017 (the 2017 Rules). New provisions are aimed at reducing the cost and increasing the transparency of ICC arbitration. The most significant development is the introduction of bespoke rules for expedited arbitration. These apply automatically to disputes of amounts less than USD 2 million arising out of agreements after 1 March, unless the parties opt out by agreement.
ICC introduces fast-track arbitration procedure and bolsters transparency