Following a preview of the text, the International Chamber of Commerce officially launched its new Arbitration Rules on 1 December 2020. These new Rules will enter into force on 1 January 2021 and will apply to proceedings initiated on or after that date (the “ICC Rules 2021” or the “Rules”).
The ICC Rules 2021 are an update which aims to bring the previous 2017 rules, which were in force to date, into line with current arbitration practice. With the amendments that have been introduced, the ICC primarily aims to strengthen the independence and impartiality of arbitrators. To this end, various powers available to the arbitrators to conduct the proceedings have been increased and new ones have been included, such as the possibility of excluding the parties’ representatives in the event of a conflict of interest. In addition, the economic criterion for arbitration to be carried out under the expedited procedure has been amended to include cases with a value of less than USD 3,000,000.
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