Newsletter-21

181 ARBITRATION LAW ICC Rules on Expedited Procedure* Att. Fatih Isik Introduction The International Court of Arbitration of the International Cham- ber of Commerce (ICC Court”) has recently announced important amendments to the ICC Rules of Arbitration (“Rules”). Among others, the amendments also contain inclusion of expedited procedure to the Rules. The press release states that the amendments are made “with the aim of further increasing the efficiency and transparency of ICC arbitrations.” The revised rules will apply from March 1st, 2017 1 . What is an Expedited Arbitration? The expedited arbitration is a relatively recent tendency of the arbitration institutions aiming at time and cost efficient arbitration proceedings where the dispute concerns, in general, limited amounts of money. The expedited arbitration aims to shorten the duration of the arbitration proceedings as a whole. If the parties apply for an ex- pedited arbitration, they will deal with fewer procedural steps, shorter time limits and lower costs and expenses. American Arbitration Association Rules, Istanbul Arbitration Center Arbitration Rules, Arbitration Rules of the Arbitration Institute of the Stockholm Chamber of Commerce, Singapore International Arbitration Centre International Arbitration Rules, and the Mumbai Centre for International Arbitration Rules has already adopted expe- dited arbitration procedures. * Article of October 2016 1 The revised rules can be found at http://www.iccwbo.org/Data/Documents/Busi- ness-Services/Dispute-Resolution-Services/Arbitration/Arbitration-Rules/ICC- Rules-of-Arbitration-2017-Revision/ (Access Date: 11.11.2016).