ICC arbitrations based on agreements entered into in 2021 and beyond will follow an expedited procedure if the amount in dispute is $3 million or less – up from the previous $2 million or less.
This expansion of the automatic applicability of the Expedited Procedure is one of the most significant amendments made to the revised ICC Arbitration Rules 2021, which entered into force on January 1, 2021. It is thus important for parties agreeing to ICC arbitration to be acquainted with the key features of that procedure and with their ability to either opt-in or opt-out of it.
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