The first task for an Arbitral Tribunal is to draw up the Terms of Reference upon the transmission of the case file by the ICC Secretariat to the arbitral tribunal in ICC arbitration.
The Terms of Reference provide a framework for the entire arbitration. The whole preparation of the Terms of Reference is done under the supervision of the arbitral tribunal with the collaborative logic between the parties and the arbitral tribunal.
What is included in the Terms of Reference?
According to the ICC arbitration rules, the essential information for the Terms of Reference includes:
- Full name, address, description and other essential details of both the parties in the arbitration
- A summary of the respective claims by the parties and an estimation of a monetary value of other claims(if any)
- A list of issues to be determined unless the arbitral tribunal considers it inappropriate
- Complete information of ICC arbitration lawyersincluding full name, address and other essential contact details.
- The location of the arbitration
- Details of the applicable procedural rules
Time limit of Terms of Reference
From a practical perspective, the Terms of Reference completes within 30 days as of the date of the ICC Secretariat’s transmittal to the arbitral tribunal.
Signature of Terms of Reference
After completion of the Terms of Reference, the Terms of Reference shall be signed by the arbitral tribunal and parties.
Approval of Terms of Reference by the ICC Court
The Terms of Reference transmitted to the ICC Court for the approval leading the signature. For issuing a final award, such approval triggers the commencement of the default six-month time limit.
New Claims and amendments of Terms of Reference
Since all significant changes that might occur in the course of arbitration can be recorded through a simple exchange of correspondence, the ICC Rules do not provide for the amendment of the Terms of Reference.
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