13th March 2017
The International Chamber of Commerce (ICC) introduced new rules on 1 March 2017, allowing parties to arbitration to adopt a ‘fast-track’ procedure for the resolution of their disputes, as Malcolm Simpson explains.
Arbitration has already firmly established itself as a popular alternative to court litigation for a variety of reasons including the (perceived) time and cost savings. By introducing a set of Expedited Procedure Rules, the ICC is one of a number of arbitral institutions to offer parties the flexibility to make the process more efficient, if it suits their case. Key features are:
Other amendments to the ICC Rules generally, outside of the expedited procedure, are aimed at streamlining and increasing transparency. These include:
Interestingly, this trend to promote and facilitate ever more efficient and cost-effective dispute resolution is not confined to arbitration. The English civil litigation system is undergoing a period of major reform and a significant feature of that is the unprecedented drive towards offering more varied, flexible and cost-effective dispute resolution mechanisms. For more details, see our recent briefings Shorter and Flexible Trials pilot schemes extended and Quicker High Court trials and contract interpretation: $68m oil industry dispute resolved in a day.
Parties should keep the new rules in mind when entering into contractual arrangements going forwards.
Should you have any queries arising from this briefing, require any assistance in relation to the drafting of appropriate dispute resolution clauses, or wish to discuss which procedures might be suitable in relation to a particular dispute, please contact Malcolm Simpson or any member of Walker Morris’ Commercial Dispute Resolution team.