What You Need to Know About the ICC's New Expedited Procedure
The expedited procedure of the International Court of Arbitration of the International Chamber of Commerce (ICC), in force since 1 March 2017, and applicable by default to cases where the amount in dispute is less than two million dollars (approximately 1.84 million euros), is intended to offer an efficient and swift means of dispute resolution, while lowering the cost of arbitration.
The new procedure is particularly well suited to cases where the amounts at stake do not justify the expenses associated with lengthy proceedings or when the parties wish to obtain a final, enforceable decision as quickly as possible.
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