Wednesday, December 16, 2020 In an important development for businesses engaged in cross-border transactions, the International Chamber of Commerce has amended its arbitration rules effective January 1, 2021. The amendments are designed to increase the efficiency, flexibility, and transparency of ICC arbitrations, while largely maintaining the core provisions that have made the ICC one of the most popular international arbitration institutions in the world. As a result, ICC arbitration may be an attractive option for parties who may have previously viewed ICC proceedings as too slow and expensive. Although some of the amendments were designed to overcome challenges posed by COVID-19, they should continue to make ICC arbitration more flexible and efficient long after the pandemic has ended. For example, the rules now expressly empower the arbitral tribunal to conduct hearings remotely. As many arbitrators and practitioners have learned during the pandemic, virtual hearings tend to reduce costs and delay and can work well even where it is important for the tribunal to observe a key witness's demeanor. Hence many parties will likely continue conducting hearings remotely even after in-person hearings are again possible. Other amendments responsive to the pandemic similarly bring the ICC up to speed with modern technology. For example, parties can now submit their Requests for Arbitration and Answers by email instead of regular post.