International Commercial Arbitration is now a popular dispute resolution method for many businesses and governments. It is a dispute resolution method that allows parties to resolve their differences without going to court. Being involved in a dispute is an overwhelming and expensive task to begin. But, arbitration is one of the best processes tailored according to your needs. It is effective and convenient as it saves time and costs. Also, arbitration gives the flexibility to parties that they cannot get from the usual court proceedings.
In international trade and commerce, and government contracts. arbitration has emerged as one of the strong and widely accepted methods of dispute resolution. More than 90% of international contracts have arbitration clauses. It means globalisation and trade between countries have made us realise the importance of commercial contracts. And in turn, the need for arbitration is felt by many people.
The availability of such dispute resolution methods has further paved the way for crossborder commerce, trade and business. Resulting, some arbitration institutions face high volume across western Europe and America and are busier than ever. As everyone’s focus has shifted to high growth economies, it is interesting to see how arbitration can help some major economies solve their trade and commerce issues.
In this blog, you will know the role of the International chamber of commerce in arbitration. Also, find out how you can find an independent dispute resolution firm expert in handling complex disputes under this institute. Here is everything you should know about the International Chamber of Commerce.
What is the International Chamber of Commerce?
As we have said, every trade and commerce contracts include an arbitration clause that allows parties to resolve their dispute through arbitration, it is important to know the importance of some institutes that makes arbitration an easy process. Since 1923, The International Chamber of Commerce has been helping businesses resolve their dispute to support trade and business investment. It is one of the leading arbitral institutions with the most practical and efficient rules and approaches related to arbitration.
Its goal is to implement arbitral rules by helping parties and arbitrators overcome procedural obstacles with its bespoke services. As per the statistics of ICC dispute resolution services, the year 2021 saw a steep rise in arbitration and ADR cases. At least 840 cases were reported under the ICC arbitration rules,2021.
The institute further seeks to improve efficiency throughout dispute resolution practices by ensuring the proper application of international commercial arbitration law, flexible tools and procedures. The institution aims to keep the interests of trading partners in the highest order. Further, Here are some roles and responsibilities of the ICC International Court of Arbitration.
Role of the International Chamber of Commerce
- Monitoring and regulating the dispute resolution process with speed and efficiency.
- Appointment, dismissal and replacement of arbitrators and taking decisions related to them.
- Scrutinising and execution of all arbitral awards for quality and enforceability.
- Conducting emergency proceedings
- Taking care of fees and advances.
- Improve efficiency, speed and manage costs.
If you want the best representation under the International Chamber of Commerce rules, you need to find a dispute resolution firm. It should have highly skilled and experienced lawyers. You should hire a law firm that focuses on dispute resolution in international and domestic arbitration. Only dispute resolution lawyers can help you settle business disputes in the best possible manner. Dispute resolution lawyers provide you with the utmost confidentiality. So, they are the best suited for arbitral proceedings.
Choose Rattsakuten to deal with dispute resolution cases today or contact us for more information.