International commercial arbitration: the ICC revises its rules

Effective 1 March 2017, the International Chamber of Commerce (ICC) revised its international arbitration rules (“ICC Rules”). The ICC Rules will apply to any ICC arbitrations commenced on or after the effective date unless the parties have agreed to submit to the rules in force at the date of their arbitration agreement (ICC Rules, art 6(1)).

Deciding not to undertake a complete overhaul of its rules, the ICC instead opted for a more focused approach, the most noteworthy change being the introduction of an expedited procedure for claims of below US$2m. The following commentary summarises the latest changes and should be of use to anyone interested in international commercial arbitration.

Source: JAMS ADR