User:MonicaS01/sandbox
From Wikipedia, the free encyclopedia
The International Chamber of Commerce Court of Arbitration (ICC Court) is a private institution for dispute resolution for companies and governments to settle business issues.[2] ICC Court provides various dispute resolutions: pre-arbitral, arbitration, mediation, and other forms of alternative dispute resolution (ADR).[3][4] Contrary to what its name suggests, the ICC does not issue formal judgments. Instead, it provides "judicial supervision of arbitration proceedings."[5] The ICC's main objectives are to establish rules, resolute disputes, and advocate for policies that favor commerce, mainly international trade.[6] ICC's regulations are voluntary since it comprises international companies in different nations and comprises sovereign state's chamber of commerce executing business contacts with other international businesses. Because there no sovereign international authority, businesses out of necessary formed international organizations to solve disputes that arose from international commerce transactions.
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The ICC Court of Arbitration is classified as nonprofit organization manage and is an autonomous body of the International Chamber of Commerce. One of the purposes of the ICC Court of Arbitration is to supervise and administer arbitration at every step of the process.[7] The Rules of Arbitration govern the ICC Court of Arbitration. ICC Court of Arbitration is the leading dispute resolution because it is reliable and better option than court litigation since it is cheaper and less time-consuming. Additionally, ICC Court of Arbitration has no regulations on nationality, language, location, or law. Thus, everyone is welcome, and the arbitration take place anywhere and in any language. ICC Court of Arbitration specialties in arbitration, dispute resolution, alternative dispute resolution, and law.
Previously, ICC arbitration awards were rarely made public to preserve the confidentiality and privacy of the parties involved in the dispute. This was also done to protect trade secrets.[8][9] However, in 2018, the ICC revised its Rules of Arbitration to be more transparent. Now users of the ICC Court are automatically opting to have their dispute resolutions arbitral awards public. Still, they can opt-out if they prefer the dispute to be kept confidential.
The ICC Court of Arbitration is composed of more than 100 arbitrators from roughly 90 countries.[10] ICC Court of Arbitration is the largest and most diverse business organization in the world.[11] It is an international private organization, which operates under the umbrella of the International Chamber of Commerce. In 2016, the ICC gained a UN Observer Status, although it has been engaging with the United Nations since 1945. The ICC membership consists of more than 130 countries, multinational companies, medium and small enterprises, trade associates, and local chamber of commerce. The ICC has three main functions: rule setting, dispute resolution, and policy advocacy.
The court's official working languages are English and French. However, cases can be administered in any language. The headquarters of the ICC is in Paris, France.[12] However, the ICC also has offices in Hong Kong, New York, Sao Paulo, Singapore, and Abu Dhabi.[13]
As of 9 January 2020, the court has registered 25,000 cases since its creation. It also saw a record number of cases reported in 2019, an indication of the ICC's efforts to expand its services in recent years.[14] The ICC is one of the most used international institutions for dispute resolutions.[15] The President of the ICC, Alexis Mourre, credited the increase of cases to the ICC Court to the organization's expansion endeavors and the demand for "neutral services that support trade and investment in volatile times."[16]