The new Rules of Arbitration of the International Chamber of Commerce (ICC) took effect on 1 January 2012. They replace the previous Rules which have been in use since 1998.
Unless otherwise agreed by the parties, the 2012 Rules apply to all ICC arbitrations commenced on or after 1 January 2012. These are the key changes in the 2012 Rules:
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Effects of the 2012 Rules on Dispute Resolution in Hong Kong and Asia
In addition to the new provisions described above, which enhance the efficiency and cost effectiveness of conducting arbitration proceedings pursuant to the ICC Rules, a request for an ICC arbitration can now be submitted to the Secretariat’s office in Hong Kong, pursuant to Article 4(1). It is therefore no longer necessary for parties based in Asia (or elsewhere) to file a request for arbitration at the ICC in Paris. This could no doubt encourage Asian based parties to consider prescribing the ICC Rules in their arbitration agreements, which will avoid the administrative and logistical disadvantages which existed before the new Rules came into effect. The new Rules will therefore provide contract draftsmen with further options in addition to the Arbitration Rules produced by regional arbitration institutions such as the Hong Kong International Arbitration Centre and the Singapore International Arbitration Centre.
