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The ICC
International Chamber of Commerce plays an eminent role at international level by promoting investment and trade of goods and services. It was created by a handful of entrepreneurs which included a group of industrialists, financiers and traders who were determined to bring economic prosperity to world. This was when the world was still reeling from the devastation of World War 1. They called themselves merchants of peace. The organisation expanded from 5 countries to become a world business organisation with member companies in more than 120 countries.
The International Court of Arbitration was founded in 1923 which added impetus to the ICC as it has provided a distinctive functionality to the organisation. ICC courts provide dispute resolution mechanism at par with international business requirements considering the need of resolution which do not have State interferences and provides jurisdictional supervision. ICC Arbitration Court is the most preferred and sought out arbitration institution.
The ICC Arbitration Court has developed dispute resolution mechanism specifically for international business disputes as those disputes usually pose unique challenges because the parties might be of different nationalities, various linguistic, legal and cultural backgrounds and the distance between them.
ICC Arbbitration is preferred to resolve issues of one party to submit to the courts of the other party's home ground.
The ICC arbitration Court is defined under Annexure 1 of the ICC Stature as an autonomous body which carries out these functions in complete independence from the ICC. The function of the ICC Arbitration Court is to ensure that the application of the rules of arbitration of the ICC, and it has all the necessary powers for that purpose. Accordingly, it is an administrative body and does not adjudicate upon cases but exercise judicial supervision on the arbitration proceedings and ensures the implementation of ICC Rules. The awards are rendered by independent arbitrators appointed by the parties to the dispute.
The ICC's first rules of arbitration were published in English and French in 1922. The rules were amended several times,tthe last one being in 2011. The ICC Rules govern the conduct and proceedings before ICC arbitration court from initiation till award is passed. The rules regulate the filing of claims, the establishment of Arbitral Tribunal, the conduct of proceedings, the rendering of award and the determination of costs. The rules gives flexibility to parties in terms of preferences to dispute with regards to certain aspects of the preceding such as the choice of arbitrators, the place and language of arbitration.
The parties can refer to any dispute if they have stated the ICC clause or any such clause in the arbitration or dispute resolution clause in the contract agreement. It is not mandatory for the party seeking arbitration to be ICC member or to have any other affiliation with ICC. The parties to a contract, teaty or separation arbitration agreement must have agreed on the arbitration. The party can be a company, state, state entity, international organisation or individual. The court's official languages are English and French but cases can be administered in any language.
- ICC
- International Arbitration
- Rules of Arbitration
