2012 sees new ICC Rules of Arbitration enter into force
The ICC International Court of Arbitration has welcomed in the New Year with the entry into force of its revised Rules of Arbitration.
Unveiled in September 2011, the much anticipated Rules reinforce the Court’s commitment towards an efficient and cost-effective arbitration process responsive to the interests and requirements of users worldwide, including the business community, states and state entities.
President of the Court, John Beechey, noted that the new Rules were the result of a two year review notable for the degree of consultation undertaken among members of the arbitration community and, most importantly, with commercial and state users of ICC Arbitration. That exercise, he said, had been an essential element of the review process.
“The initial reaction to the new Rules at various launch conferences, held around the world in the last quarter of 2011, was very favourable,” Mr Beechey said. “The Court looks forward to administering arbitrations under the new Rules, which are both thoroughly up to date and retain the distinctive hallmarks of ICC Arbitration.”
Like all of ICC’s dispute resolution services, ICC Arbitration is based on a set of rules that ensures compliance with best practice across the world.
The new Rules are available, initially, in more than seven languages, consistent with ICC’s global presence. They reflect contemporary practice through the inclusion of new provisions on multi-party and multi-contract arbitrations, an ‘emergency’ service for resolving urgent issues before a tribunal is constituted, and further time and cost-efficiency measures.
“The entry into force of the 2012 Rules has been a much anticipated date in the ICC’s calendar. It is gratifying to see this project come finally to fruition,” said Jason Fry, Secretary General of the Court. “The Secretariat of the Court has been working hard to ensure that there will be a smooth transition to the new Rules, which contain many new features. We now look forward to seeing the Rules in operation and hope that parties and their counsel embrace them, and their emphasis on better time and cost management of the arbitral process.”