ICA ARBITRATION: ADVANTAGES
TAILOR-MADE FOR BUSINESSES
Although ICA arbitration can also be used for disputes governed by Italian law, it is international.
The objective of the International Chamber of Arbitration is to assure the fast, efficient resolution of disputes between corporate and commercial operators resident in different countries, which in theory would be regulated by several different legal systems.
An ICA arbitration procedure takes into account the specific characteristics of an international commercial dispute, whose characteristics may transcend an individual legal system in terms of the nationality, residence, domicile or establishment of the parties or of the arbitrators; the place of performance or the site of the incident; the law applicable to the merits of the dispute, the law applicable to the procedure and so on.
The rules of the ICA address these specific aspects of transnational disputes by offering clear, effective solutions.
The ICA rules have been drafted according to the highest, accredited international standards, approved by UNCITRAL, the UN Commission on International Commercial Law, which promotes international trade and investment. (Learn more)
FLEXIBLE ARBITRATION FOR BUSINESSES
The main characteristics of an ICA arbitration procedure make it an ADR tool that is both extremely reliable, and also one that can be adapted to real-world circumstances.
We have chosen to:
Leave the parties ample freedom when it comes to defining the “rules of the game”,
Provide for alternative, complementary options, including urgent procedures, depending on the requirements of the case;
Determine the duration of the procedure in advance, and avoid formalistic limitations.
FREEDOMS FOR THE PARTIES
ICA arbitration allows the parties to:
1) choose the RULES THAT APPLY to the merits of the case and to the procedure, among the systems that could theoretically be adopted on the basis of the parties’ connections;
2) select the SEAT OF THE ARBITRATION, which may be in Italy or in another country (subject to the arbitrators’ right to require the hearings or other meetings to take place elsewhere);
3) choose the LANGUAGE OF THE PROCEDURE;
ALTERNATIVE AND COMPLEMENTARY PROCEDURES
To make the arbitration process run even more smoothly, ICA arbitration offers the parties other procedures, which may be alternative and/or complementary to ordinary arbitration, if these are considered to be more efficient for the specific case.
The Arbitration Tribunal may issue precautionary rulings, which may have anticipatory content, if they are not limited by the mandatory rules applicable to the procedure.
In any case, unless agreed otherwise by the parties, the arbitrators have the power to make provisional decisions, which are binding on the parties on a contractual level. This clarification is intended to make the provisional decisions made by an arbitration tribunal compatible with Article 818 of the Italian code of civil procedure, as the effect of these provisional decisions would be limited to the contractual level. If the provisional decision is not respected, the party in whose favour the measure was issued may enforce a claim for contractual liability against the defaulting party.
Recourse to Urgent Arbitration is intended to obtain provisional or interim measures even before the arbitrators have been appointed. The difference between this type of arbitration and the provisional option referred to above is that Urgent Arbitration allows the parties to ask ICA to appoint an Arbitrator to take urgent precautionary measures and decisions before the arbitration tribunal is set up.
There are specific tariffs and remuneration for an Arbitrator ruling in urgent cases.
It is possible to access a simplified procedure with a Sole Arbitrator. This can be used to resolve disputes of limited financial value, which means that the cost of resolving the matter is kept in proportion. In addition to the reduced cost, the real savings of an expedited procedure come from the reduction in legal fees, considering the shorter time and the simplification of formalities and other work that has to be done.
CHARACTERISTICS OF AN EXPEDITED PROCEDURE
– The Arbitration Tribunal usually consists of a Sole Arbitrator;
– the arbitrator’s appointment to an arbitration panel takes place within 15 days from the date on which the papers and documents are received from the Secretariat;
– The period for the issue of the arbitrators’ final award is set at 90 days; this period starts from the date on which the arbitration tribunal was established;
– There are fewer formalities, which means a quicker procedure.