The International Chamber of Commerce (ICC) Nigeria has in Lagos launched the revised ICC Rules of Arbitration in Lagos. The launching, which was in line with the global practice was expected to enlighten stakeholders in arbitration on the new provisions of the rules. The Chairman of ICC in Nigeria, Mr Babatunde Savage told participants at the event that the revision of the arbitration rules would help in resolving international business related conflicts.
“The revision of these arbitration rules was concluded after a period of four years by a special task force. The new rules will meet practical needs of those involved in international trade,’’ Savage said. Mr Simon Greenberg, an International Arbitration Lawyer, said that the ICC was currently handling around 1500 cases around the world. He said that parties involved in these cases were often from different countries and diverse cultures, hence, the need to address issues of culture peculiarities in the ICC rules.
“New aspects that cater for the cross cultural and legal considerations of people who get involved in international trade are entrenched in the revised rules,’’ he said. Mr Sami Houerbi, the Director, ICC Dispute Resolution Service said that the new rules address the issues of cost and time control in arbitration processes. “Time management has been a major challenge in resolving trade related conflicts. Arbitration processes can be very slow, with either of the parties involved intentionally frustrating the processes. The new rule will ensure that arbitration procedures do not last longer than necessary,’’ he said.
Mrs Doyin Rhodes-Vivour, a member of the ICC Commission on Arbitration, said that emergency issues could now be addressed by the commission as provided in the revised rules. “Section 29 of the Arbitration Rules will give succour to parties who need urgent, interim or conservatory measures that cannot await the constitution of an arbitral tribunal by the ICC,’’ she said. She noted that sanctions made by the emergency arbitrators could be amended, accepted or totally annulled by the constituted arbitrary tribunal. The Chairman, ICC Nigeria Commission on Arbitration, Prof. Gabriel Olawoyin implored international businessmen to take advantage of the new ICC rules of arbitration in their resolution of business disputes.