As announced recently, the International Chamber of Commerce will adopt the 2021 ICC Arbitration Rules on January 1, 2021, which contain important updates that enhance their applicability.
In between the key changes are new provisions for third party joinder and consolidation of the arbitration, constitution and powers of the arbitral tribunal, the duty to disclose third-party funder agreements, virtual hearings and electronic filings, expansion of application of expedited procedures rules, and additional awards.
Firstly, it will now be allowed the joinder of third parties after the constitution of the arbitral tribunal, along with the consolidation of several matters and claims arising under multiple contracts.
Also, to grant the parties a due process and in order to avoid equal treatment violations, the ICC Court will be empowered to appoint all of the members of the arbitral tribunal, notwithstanding a parties agreement, so as to take the necessary measures to avoid conflicts of interest regarding the parties representatives.
Furthermore, as a consequence of COVID-19, the new rules contemplate the conduct of remote hearings by videoconference, telephone or other appropriate means of communication, so as electronic communications and submissions, all of which have become our new normal.
Finally, the parties of an arbitration proceeding will now have the opportunity to make an application for an additional award as to claims that the arbitral tribunal omitted to decide, this within 30 days from receipt of the award, having the other party the right to comment such application in a 30 day period before the tribunal makes its decision.
In essence, the new modifications and amendments of the 2021 ICC Arbitration Rules, are very welcomed, as ICC Court President Alexis Mourre said, “they mark a further step towards greater efficiency, flexibility and transparency of the Rules, making ICC Arbitration even more attractive, both for large, complex arbitrations and for smaller cases.”
Here we leave you the Arbitration and ADR regulations direct from the ICC Mexico page at a single click
