ICC arbitrations based on agreements entered into in 2021 and beyond will follow an expedited procedure if the amount in dispute is $3 million or less – up from the previous $2 million or less.
This expansion of the automatic applicability of the Expedited Procedure is one of the most significant amendments made to the revised ICC Arbitration Rules 2021, which entered into force on January 1, 2021. It is thus important for parties agreeing to ICC arbitration to be acquainted with the key features of that procedure and with their ability to either opt in or opt out of it.
The Expedited Procedure will apply automatically to disputes up to $3 million unless the parties agree to opt out. Just as importantly, parties are free to opt in to the Expedited Procedure even if the amount in dispute exceeds $3 million. As a practical matter, parties are likely to be able to agree to opt in or out only at the time they are negotiating the arbitration agreement: whether to do so should thus be considered at that time. Continue Reading