ICC Arbitration
A dispute resolution procedure for international commercial disputes administered by the International Court of Arbitration of the ICC.
ICC Arbitration is a commercial dispute resolution procedure administered by the International Court of Arbitration of the International Chamber of Commerce (ICC), based in Paris. It is the world's most prestigious arbitration institution.
The procedure is governed by the ICC Rules of Arbitration (latest version: 2021). Key features include:
- Confidentiality: hearings and awards are not public
- Neutrality: arbitrators are independent and impartial
- Flexibility: parties choose the language, seat and governing law
- International enforcement: awards are enforceable in over 170 countries (New York Convention 1958)
- Quality control: the Court reviews each award before notification (scrutiny)
ICC arbitration costs include arbitrators' fees, Court administrative expenses, and representation costs. For a EUR 1 million dispute with a sole arbitrator, ICC costs amount to approximately EUR 50,000-80,000.
The recommended ICC arbitration clause states: 'All disputes arising out of or in connection with the present contract shall be finally settled under the Rules of Arbitration of the International Chamber of Commerce.'