The revised Arbitration Rules of the International Chamber
of Commerce in Paris (ICC) became effective on 1 March 2017. The
most significant change concerns the introduction of an Expedited
Procedure which is designed to accelerate arbitration proceedings
and make them cheaper.
In arbitration proceedings, private legal disputes are
resolved, under an arbitration agreement between the parties, by a
non-government body rather than a state court. We distinguish
between ad-hoc arbitral tribunals set up for a given dispute and
institutional arbitration courts.
Especially in the world of international business, arbitration
has become increasingly important as an alternative way of dispute
resolution because of its many advantages. In contrast to state
courts, arbitration proceedings are not public,
which ensures higher confidentiality. Arbitration proceedings are
faster as they usually do not provide for an
appeal – appeals are allowed to a limited extent only.
