On March 1, 2017, several amendments to the International
Chamber of Commerce's (ICC) Rules of Arbitration (ICC Rules)
will take effect. The most noteworthy of these amendments is the
introduction of a new Expedited Procedure which aims to reduce the
length and cost of arbitration for smaller matters. There are,
however, a few additional changes to further streamline proceedings
and increase transparency.
Expedited Procedure Rules
The new Expedited Procedure under the ICC Rules will
automatically apply to all matters arising from arbitration
agreements concluded after the amendments come into force where the
amount in dispute is under US$2 million. It is possible for the
parties to agree to opt-out and, in certain circumstances, the ICC
Court may decide this procedure should not apply. The Expedited
Procedure is also available for matters with amounts in dispute
over US$2 million on agreement of the parties.
