OTTAWA, Jan. 10, 2012 /CNW/ - The Canadian Chamber of Commerce is pleased to announce that the revised Rules of Arbitration of the International Chamber of Commerce (ICC) entered into force on January 1st, 2012. The new Rules apply to arbitrations commenced on or after January 1st. Arbitrations commenced prior to January 1st will continue to be governed by the previous version of the ICC Rules.
The ICC Arbitration Rules were revised in order to better serve the existing and future needs of businesses and governments engaged in international commerce and investment, with the aim of ensuring efficient and cost-effective arbitration.
"Canadian businesses are increasingly active around the world" said Canadian Chamber President Perrin Beatty. "ICC Arbitration is an invaluable tool for resolving international business disputes. It reduces the risks associated with doing business internationally and the new rules provide better support to Canadian companies engaged in international trade and investment."
Barry Leon, Chair of the ICC Canada (the Chamber's International Arbitration Committee) and Partner in the International Arbitration Group at Perley-Robertson, Hill & McDougall LLP in Ottawa, added "The new ICC Arbitration Rules are a welcome update reflecting the evolution of arbitration law and practice since the ICC Rules were last revised in 1998. With a focus on speed and cost-efficiency, the new Rules help address the growing complexity of international business disputes between Canadian and foreign companies as well as disputes involving states."
The new ICC Rules were prepared with the assistance of the National Committees of the ICC, including the Canadian Committee, as well as the invaluable involvement of corporate counsel.
New features of the ICC Rules include provisions addressing disputes involving multiple contracts and parties; updated case management procedures; the ability to obtain the appointment of an emergency arbitrator empowered to order urgent measures; and changes to facilitate the handling of disputes arising under investment treaties and free trade agreements. The new Rules are available in several languages at http://www.iccwbo.org/court/arbitration/id4399/index.html and at the publication division of the Canadian Chamber of Commerce.
The new ICC Arbitration Rules coincide with the ICC's efforts to incorporate a more holistic approach to dispute resolution techniques. The new ICC Rules of Arbitration are published with the ICC ADR Rules, which provide for mediation and other forms of amicable dispute resolution. Both sets of Rules define a structured, institutional framework intended to provide transparency, efficiency and fairness in the dispute resolution process while allowing parties to exercise their choice over many aspects of the procedure.
The Canadian Chamber of Commerce is the vital connection between business and the federal government. It helps shape public policy and decision-making to the benefit of businesses, communities and families across Canada with a network of over 420 chambers of commerce and boards of trade, representing 192,000 businesses of all sizes in all sectors of the economy and in all regions. News and information are available at www.chamber.ca or follow us on Twitter @CdnChamberofCom.
ICC Canada is part of the Canadian Chamber of Commerce. The International Arbitration Committee of the Canadian Chamber's is the Canadian National Committee of the International Court of Arbitration of the ICC. It encompasses most of the leading Canadian international arbitrators and arbitration counsel. The ICC is the world's leading and most trusted arbitration institution for resolving international commercial disputes.
For further information:
Émilie S. Potvin
Director, Public Affairs & Media Relations
Office: 613.238.4000 (231)