ICC Nigeria launches expedited rules
The official launch of the new expedited rules of the International Chamber of Commerce (ICC) will hold in Nigeria as part of the scheduled programmes for the 2nd ICC Africa Regional Arbitration Conference on Sunday May 14, 2017 at Eko Hotel, Lagos.
The event is hosted by ICC Nigeria in collaboration with the ICC International Court of Arbitration. The theme for this year’s conference is Arbitration: Catalyst for Economic Growth.
Mr. Alexis Mourre, President, ICC International Court of Arbitration, Paris and Mr. Abubakar Malami (SAN), Attorney General and Minister of Justice of the Federation, amongst others, are expected at the occasion.
The launch under the auspices of the ICC Nigeria Commission on Arbitration is aimed at furthering increase efficiency and transparency of the ICC Arbitration Rule. Already launched in other countries, the new ICC Rules became effective from March 1, 2017 incorporating provision for the Expedited Rules for cases of lower value including substantive and procedural aspects.
Consequently, the main feature of the ICC Expedited Arbitration is that it automatically applies to disputes of less than USD 2Million. For disputes exceeding that amount, parties can also opt-in to the Expedited procedures.Thus, the Revised Rules take account of current requirements and developments in Arbitration Practice and Procedure.