The Main Contents and Its Implications of the 2017 Revisions to the ICC Arbitration Rules

Abstract

This paper examines the newly revised ICC Arbitration Rules which were enforced as of the 1st of March 2017. To this end, innovative changes in these rules reflecting policy development and practice with a view to increase time and cost efficiency and transparency are scrutinized and analyzed after which the newly adopted provisions for expedited procedures aimed at having the final award issued by a sole arbitrator within 6 months after the case management conference are presented. A comparative analysis on the provisions for expedited procedures among the ICC, ICDR, SIAC, and KCAB rules is then conducted where some major issues that may generate due process challenges by dissatisfied parties to the arbitration are discussed. Some implications from the possibility of due process challenges are offered and a couple of practical tips for trade or legal practitioners on what to consider in implementing the newly revised ICC Rules in the future are suggested.