On September 12, 2011, the International Chamber of Commerce (“ICC”) released a revised set of its Rules of Arbitration. With certain limited exceptions, the new Rules will apply to any arbitration commenced after January 1, 2012, unless the parties agree otherwise. The new Rules preserve the hallmarks of ICC arbitration and generally reflect a codification of best practices developed under the current rules. Several significant changes have been made, however. The attached memo briefly describes the new Rules and their significance.
