The International Court of Arbitration is a branch of the International Chamber of Commerce (ICC) and one of the world’s leading institutions for providing international arbitration services. The International Court of Arbitration is known for resolving international commercial and business disputes, administering more than half of all arbitration disputes worldwide. The ICC seat is located in Paris.
The International Chamber of Commerce is an international business organization with hundreds of thousands of member companies in over 130 countries spanning virtually every sector of private enterprise.
A key benefit offered by the ICC is its International Court of Arbitration, which allows businesses to resolve international disputes without facing the potential risks and biases of foreign courts and foreign laws.
As the ICC’s arbitration body, the International Court of Arbitration supervises and administers the arbitration process at all stages, while disputes are decided by arbitrators who are either selected by the parties or directly appointed by the court. ICC arbitration proceedings are conducted under the ICC Rules of Arbitration. There are no restrictions in the ICC system as to nationality of parties and arbitrators, or place, language or law of arbitration.
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Although it has offices in Paris, New York, Hong Kong, Singapore, Panama, and Tunisia, the ICC will administer arbitration proceedings in the location of the parties’ choosing, anywhere in the world. Parties will often designate the location for any future arbitration proceedings before a dispute even begins through an arbitration clause in their business contract.
Because arbitration is a consensual process, the parties must first agree on ICC arbitration before the International Court of Arbitration will become involved in a dispute. This pre-existing agreement is usually found in an ICC arbitration clause within a business contract, but it can also be entered into by the parties after the dispute arises, if it arises in connection with a business contract.