Arbitrations

The International Court of Arbitration of the International Chambers of Commerce (ICC), presented this month the new arbitration rules (2021 ICC Rules for Arbitration) that will be effective as of January 1, 2021. The recently announced Rules have interesting updates, among which we can highlight :

1. The entry into force of provisions relating to the remote holding of hearings in virtual form, thus reducing the costs of arbitration and sustainability provisions, implementing the end of paper submissions.

2. Changes in the origin of Expedited Procedures, setting a new amount for their application, increasing their value from 2 to 3 million US dollars.

3. The new obligation of the parties to disclose in certain circumstances the agreements or contracts for the financing of third parties of the arbitration (third-party funding agreement) is incorporated.

4. The rules on consolidation of arbitrations and the addition of additional parties to the proceeding (Joinder) are modified after confirmation or appointment by the arbitral court in certain limited situations.

5. Incorporation of new rules regarding investment arbitration, ensuring the neutrality of the arbitration courts and also the exclusion of emergency arbitration in disputes between investors and sovereign states.

6. Arbitral tribunals are empowered to limit changes in the representation of the parties when this causes conflicts of interest.

7. Changes regarding the transparency of the process and the internal functioning of the ICC International Court of Arbitration.

8. The International Court of Arbitration shall have the discretion, in exceptional circumstances, and with the sole purpose of avoiding unequal treatment between the parties, to disregard the original agreement of the parties on the manner of constitution of the arbitral tribunal, and may autonomously appoint the member or members of the arbitral tribunal.

In the following link you can review the new arbitration rules for 2021: https://iccwbo.org/dispute-resolution-services/arbitration/rules-of-arbitration/rules-of-arbitration-2021/

 

In case you require additional information on this matter, please contact Ramón Jara C (rjarac@jdf.cl) and/or Manuel Jiménez (mjimenez@jdf.cl).