Many people discover that including ICC Arbitration Clause in the contract between the two parties is advantageous. If the parties include an ICC Arbitration Clause in their contract, the parties have to agree that their dispute will be resolved by arbitration and that the arbitration proceedings will be governed by the procedural rules in the ICC Rules of Arbitration, in addition to any mandatory rules at the seat of arbitration.

During the negotiations of the contract, dispute resolution clauses are one of the main issues on which parties tend to agree. A well-drafted arbitration clause can ensure that parties need to spend less time and costs when any dispute will arise.

Including arbitration clause in the contract implies that the International Court of Arbitration will administer arbitration proceedings and assist the parties in confirming, appointing and replacing arbitrators, deciding on any challenges made against the arbitrators, overseeing emergency proceedings before the start of the arbitration, and scrutinizing and approving the arbitral award.

Would you like your disputes to be resolved in accordance with the ICC Arbitration Rules?

If so, then according to the International Chamber of Commerce, you need to include the following clauses in your contract:

Standard ICC Arbitration Clause

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 by one or more ICC arbitration lawyers appointed in accordance with the said Rules.

It is recommended that clients should include the flowing stipulations relating to the seat of arbitration, the language to be used in the arbitration proceedings as well as the substantive law governing the contract, which is frequently contentious issues after a dispute arises.

ICC Mediation Rules

This option technically exists whenever a dispute arises. The parties can settle any dispute arising out of or in connection with the present contract in accordance with the ICC Mediation Rules without prejudice to any other proceedings.

For more information, feel free to visit https://www.international-arbitration-attorney.com/.