NEW DELHI, Apr 21: International Chamber of Commerce (ICC) India and ICC International Court of Arbitration today organised a seminar on ‘ICC 2012 Rules of Arbitration – Focus on India’.
The objective of the seminar was to provide greater understanding of the revised ICC Rules of Arbitration which reflect the growing demand for a more holistic approach to dispute resolution techniques, ICC said in a statement here.
The 2012 ICC Rules of Arbitration are the result of a two-year revision process undertaken by 620 dispute resolution specialists from 90 countries.
On the occasion Mr Harsh Pati Singhania, President, ICC India, raised the issue of the high cost of arbitration which is a cause of concern for small and medium enterprises.
He suggested the possibility of using virtual arbitration to make the procedure cost effective. He also called for reducing the fees for starting arbitration for SMEs or considering a different fee structure for them. A third suggestion was to consider the possibility of mediation for commercial disputes.
Mr Jason Fry, Secretary General, ICC International Court of Arbitration, stated that the revised ICC Rules of Arbitration were an important step towards modernising services and practices in the international commerce industry.
He said many of the issues raised by Mr Singhania had already been addressed in the revised rules. The remaining could be deliberated upon and included in the next edition of the seminar, he said.
He also spoke about the ICC Young Arbitrators Forum (YAF) which aims to maintain and improve international arbitration standards by providing up and coming professionals with learning and networking opportunities. YAF came into existence in 2008 and today over 3,500 people worldwide are part of it.
(UNI)
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