Effective March 1, 2017, a revised set of Rules of Arbitration of the International Chamber of Commerce enters into effect.
The Revised ICC Rules adopt important changes to the ICC Rules that have been in effect since January 1, 2012, including a new set of Expedited Procedure Rules. While the new expedited procedure will offer an efficient and lower-cost solution for many smaller-scale disputes, awards rendered in arbitrations conducted under the expedited procedure may have carry-over effects in the context of larger legal relationships. Going forward, it will be important for contracting parties to consider these potential effects when drafting agreements to arbitrate under the ICC Rules.