On 05.01.2016, ICC Court denoted adoption of two decisions
aiming to increase efficiency and transparency of ICC Arbitration
proceedings. Indeed, taking into account that concerns regarding
productivity and transparency have been obscuring the skies of
arbitration, it can be stated that this new step taken by the ICC
Court constitutes an important development.
Pursuant to the first decision, the Court will reveal
constitution of an arbitral tribunal by publishing the names, and
nationalities of the arbitrators along with whether they were
appointed by a party or the Court. Then, the name of the presiding
arbitrator is to be announced. Also these data will be published on
the website of ICC and will be updated in case of any change during
the proceedings. However, reason for such change, case reference
number, names of the parties and of counsel will remain
confidential. Important is to note that, parties can opt-out of the
limited disclosure as well as have the opportunity of requesting
the Court to publish extra data about a specific case.
The second step taken by the ICC Court, which could be qualified
as dauntless, is in strong relation with one of the renowned
advantages of arbitration over traditional methods, speed.
As Article 30 of the ICC Rules stipulates that an arbitral
tribunal must render its final award in six months, the Court
further added that "ICC arbitral tribunals are expected to
submit draft awards within three months after the last substantive
hearing concerning matters to be decided in an award or, if later,
the filing of the last written submissions. If a draft award is
unjustifiably submitted beyond the abovementioned deadline,
arbitrators' fees may be lowered by the Court between the rates
of 5 to 20% depending on the exceeded number of months. Therefore,
when evaluating these decisions altogether, it is seen that the ICC
Court desires to increase speed and transparency of arbitration
proceedings. Although these decisions could be a temporary obstacle
for those battling with a busy schedule, it is highly anticipated
that parameters of cost-efficiency and transparency of ICC
arbitration will advance.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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