Legal Update: The New ICC Arbitration Rules 2021 Comes With Noteworthy Upgrades

The International Chamber of Commerce ("ICC") has come up with new set of Arbitration Rules 2021 ("ICC Rules 2021") which will come in effect from 01^st January, 2021. As compared to the earlier Arbitration Rules of 2017 ("ICC Rules 2017"), it seems that ICC Rules 2021 is not a complete revamp of the procedural rules for conducting arbitration. Rather, it preserves a substantial portion of the ICC Rules 2017 while introducing provisions that indicate towards ensuring more efficient adjudication of disputes. The ICC Rules 2021 lays more emphasis on adopting fair procedure and have further broadened the horizon for multi-party arbitration. It has also made an attempt to crystallize certain provisions with an idea of keeping up with the growing reliance on electronic communication as well as to make arbitration proceedings more convenient for the participants, especially owing to global restrictions in place due to the ongoing pandemic.