The following Arbitration guidance note provides comprehensive and up to date legal information covering:
Parties looking to avoid a lengthy dispute resolution procedure and excessive expenditure may agree to a fast-track procedure; this reasoning may apply even for large, complex disputes. An expedited procedure usually involves agreeing shorter time periods in which submissions and evidence will be exchanged and limiting the amount of evidence submitted.
While it is possible to agree an expedited procedure as part of an arbitration agreement at the time of drafting, as the scope and circumstances of the dispute leading to arbitration cannot be known at that time this is not usually advisable (although there may be scope for agreeing to resolve certain categories of disputes by way of fact-track arbitration). In some cases, an expedited procedure may be mandatory. For example, the International Chamber of Commerce (ICC) expedited procedure automatically applies where the arbitration agreement has been entered into after 1 March 2017 and the amount in dispute is below US$2m. For guidance on the ICC expedited procedure, see Practice Note: ICC Rules (2017)—expedited procedure.
The main advantage of an expedited arbitration is that a result is achieved quickly. This could be advantageous if the parties need to continue to work together (eg on a large construction project) or if a decision needs to be reached prior to a certain date for whatever
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