NEWSLETTER-2017

142 NEWSLETTER 2017 stances 12 . If the arbitral tribunal seeks an extension, it shall submit a reasoned application to the Court 13 . The Notes emphasize the importance of the expeditious conduct of the proceedings. To begin with, the Court may increase the arbitra- tors’ fees to greater than the amount that it would normally consider fixing, if the arbitral tribunal has conducted the arbitration expedi- tiously. Similarly, the fees may be lowered if the arbitral tribunal sub- mits the award later than the six month period. The Notes set forth that the fees may be reduced at a scale of 5-10% (if the draft award is submitted for scrutiny up to 7 months after the deadline), to 20% or even more (if the draft award is submitted for scrutiny more than 10 months after the deadline) 14 . The Notes clarify that the awards rendered under the Provisions should also be reasoned. The arbitral tribunal may limit the factual and/or procedural sections of the award, under the condition that it provides enough clarification necessary in order to understand the award 15 . Conclusion The Expedited Procedure under the Rules is a very practical dis- pute resolution mechanism concerning the disputes not exceeding a certain threshold. The Provisions provide that the final award should be rendered by a sole arbitrator within six months from the case man- agement conference. Many disputes may be resolved pursuant to the Provisions, without the need to spend considerable time on the resolu- tion of a dispute that is not very high in monetary value. 12 Notes, §90. 13 Notes, §82. 14 Notes, §93, §94. 15 Notes, §83.