The New ICC Rules Of Arbitration

Introduction

The ICC is the world's leading centre for international commercial arbitration – it has supervised 17,000 cases over the course of the last 90 years – and it has published its new Rules of Arbitration. This is the first time the Rules have been revised since 1998. The new Rules, which come into force on 1 January 2012, contain a number of significant modifications.

Arbitration and the ICC

Arbitration is the preferred method for the resolution of cross-border commercial disputes, and has a long history in a wide range of business sectors. Many businesses opt for arbitration over litigation because they are not familiar or comfortable with domestic court systems. Others like the confidential nature of arbitration, which helps avoid dirty linen being washed in public. And some like the lack of formality and the procedural flexibility available in arbitration.