The International Court of Arbitration, established in 1923, as an arbitration body of the International Chamber of Commerce, is a leading institution in international arbitration. The 2021 Arbitration Rules, which amended the International Chamber of Commerce's 2017 Arbitration Rules, entered into force on 1 January 2021 and will apply to all arbitrations conducted under the ICC Rules commenced on or after that date. While the new Rules do not differ substantially from the 2017 Rules, there are a number of changes which address some recent developments and trends in arbitration relating to the use of technology, joinder and consolidation, disclosure of third-party funders, constitution of the arbitral tribunal, party representation, provisions related to investment treaty arbitrations, virtual hearings, additional awards, expedited procedure provisions, and conditions for applying to an emergency arbitrator. Some of the changes introduced by the 2021 Rules reflect the ICC Court's established practice, while others aim to increase the flexibility, efficiency, and transparency of ICC arbitrations. These changes to the Rules are indicative of ICC's prompt response to the needs of the international arbitration community, and further, solidify its existence as the world's leading arbitration institution.
Arbitration, International arbitration, ICC Arbitration Rules, ICC 2021 Arbitration Rules.