On 1 January 2021 the revised ICC Rules of Arbitration ("ICC Rules 2021") will enter into force. In particular, these rules set out a number of new provisions designed to provide greater efficiency, flexibility and transparency in arbitral proceedings, including the regulation of multi-party proceedings, the appointment of the arbitral tribunal or provisions on third-party financiers.  

The new rules contain relevant amendments: 

- Obligation to disclose third-party financing agreements

- Option to request the court to issue an additional award on matters omitted by the court itself. The parties have 30 days from the receipt of the arbitral award to request the tribunal to make an additional award.

- Provision of new rules concerning joinder and consolidation in multi-party disputes.

- In investment arbitration, none of the arbitrators will have the same nationality as any of the parties to the investment.

The crisis of the pandemic has had repercussions on the new articles of these Rules, since through Article 26.1, the arbitration tribunal may decide, after consulting with the parties, to hold evidentiary hearings by means of physical presence, or by telematic means. 

These Rules also allow the parties to submit only documents by electronic means, thus eliminating the requirement for paper-based submission of documents.

Below is a comparison between the ICC Rules of 2021 and those published in 2017.