Commericial arbitration in Cambodia has seen a continuing surge of interest over the past decade, swiftly becoming a viable alternative to litigation due to its affordability, flexibility and lack of complex procedures.
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.
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.
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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
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The promise of arbitration has traditionally centred
upon a faster, more efficient, and less costly way of resolving
commercial disputes. The reality of arbitration proceedings,
however, does not always deliver on this promise.
Surveys conducted in recent years suggest that cost and delay are some of the
negative and discouraging characteristics of international
arbitration. They also show a commercial imperative to simplify the
arbitral processes, including in particular for lower-value
claims.
The findings, whilst perhaps not entirely surprising, have
alarmed the arbitration community. Helpfully, however, a number of