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ICC arbitrations based on agreements entered into in 2021 and
beyond will follow an expedited procedure if the amount in dispute
is $3 million or less - up from the previous $2 million or
less.
This expansion of the automatic applicability of the Expedited
Procedure is one of the most significant amendments made to the
revised ICC Arbitration Rules 2021, which entered into force on
January 1, 2021. It is thus important for parties agreeing to ICC
arbitration to be acquainted with the key features of that
procedure
and with their ability to either opt in or opt