The International Chamber of Commerce (“ICC”) had announced this month that the ICC Executive Board approved the revised ICC Rules of Arbitration as proposed by the International Court of Arbitration and laid before the Commission on Arbitration and ADR.
Amendments include – inter alia – the parties’ obligation to disclose third-party funding arrangements, a new provision empowering the arbitral tribunal to exclude from the proceedings new counsel in presence of a conflict of interests and allowing the Court to disregard unconscionable arbitration agreements that may pose a risk to the validity of the award. Further, the scope of application of the expedited arbitration provisions will be extended. In addition, tribunals may, after proper consultation with the parties, decide to hold hearings by remote means of communication etc.
The new Rules will define and regulate the management of cases submitted to the ICC’s International Court of Arbitration from 1 January 2021.