International Commercial Arbitration is now a popular dispute resolution method for many businesses and governments. It is one of the best dispute resolution methods. It is a dispute resolution method that allows parties to resolve their differences without going to court. For some involvement in a dispute is an overwhelming and expensive task to begin. All you need to do is find the right representation and tailor it according to your needs. It is effective and convenient as it saves time, and cost. It provides flexibility to parties throughout the procedure.
In international trade and commerce, and government contracts. arbitration has emerged as one of the strong and widely accepted methods of dispute resolution. About 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 brought a change to dispute-seeking methods. It has increased cross-border, trade, and business-related activities. Such changes have resulted in disputes. Resulting in this, arbitral institutions have to face a high volume of cases. They are busy and facing a lot of volume on the daily basis. 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. And how to find an independent dispute resolution firm. 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. The International Chamber of Commerce is resolving disputes between businesses for a long time. Aiming 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. ICC resolved around 840 cases under the ICC arbitration rules in 2021.
The institute is committed to improving efficiency throughout dispute resolution practices. It ensures 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.
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.