On 17 September 2020, the Ukrainian Chamber of Commerce and Industry approved amendments to the Rules of the International Commercial Arbitration Court (the “ICAC”). The new ICAC Rules will come into force on 1 November 2020.
Among other changes, the new ICAC Rules:
- clarify and expand the scope of the ICAC’s jurisdiction (covering, in particular, corporate disputes)
- introduce new safeguards against procedural abuses by parties’ representatives
- set a more flexible standard for examination of evidence by arbitral tribunals
- add provisions on fully virtual and hybrid hearings
- provide for exchange of arbitration files by e-mail
- improve the mechanism for review of arbitral awards
The new ICAC Rules aim to improve the arbitration process and bring it closer to international best practices. Additionally, they will ensure more efficient case management despite COVID-19 restrictions.
Posted on October 28, 2020