The New ICC Arbitration Rules – What You Need to Know

On January 1, 2012, the International Chambers of Commerce's newly revised Rules of Arbitration (the "2012 ICC Rules") took effect. The new rules apply to all ICC arbitrations going forward, unless the parties agree to adopt the rules that were in effect when their arbitration agreement was executed.

This is the ICC's first revised set of arbitration rules in thirteen years; the last revision was in 1998. Since then, both the use and practice of international arbitration have expanded significantly, and the revisions are designed to bring the rules up to speed with current commercial and dispute resolution needs.

The revisions seek to address three developments in international arbitration: the increasing complexity of disputes, the desire for more effective case management, and the occasional need for urgent interim measures.