´The Arbitration Rules are those of 2012, as amended in 2017.
´They are effective as of 1 March 2017.
´Introduction of an expedited procedure providing for a streamlined arbitration with a reduced scale of fees applicable in cases where the amount in dispute does not exceed US$ 2 million, unless the parties decide to opt out.
´NOTE: It will apply only to arbitration agreements concluded after 1 March 2017 (NOT cases filed).
´ICC Court may appoint a sole arbitrator, even if the arbitration agreement provides otherwise.
´Reduced scale of fees for claims under 2 Million USD under expedite the procedure.
´Expedited procedure is also available on an opt-in basis for higher-value cases.
´The Court will now provide reasons for a wide range of important decisions, if requested by one of the parties (Article 11(4)).
´TERMS OF REFERENCE:
- Normal Procedure – time limit for establishing Terms of Reference has been reduced from two months to one month,
- there are no Terms of Reference in the expedited procedure.