ICC India – FACT International Seminar on “Commerical Arbitration - International and Indian Scenario”
November 29, 2006 – New Delhi

Prof. Pierre Tercier, Chairman ICC International Court of Arbitration, Paris, expressed the ICC Arbitration Court’s resolve to extend its presence in Asia to develop international arbitration. "We will be international if there are cases from all regions, including your own, and if more and more arbitrators from your country (India) and others are called upon to serve in international arbitrations," he said while addressing the ICC-India-FICCI Arbitration & Conciliation Tribunal (FACT) Seminar on ‘Commercial Arbitration - International and Indian Scenario.’

Prof Tercier said ICC arbitration is not simply about providing a body of rules and a few administrative services. "It is a true arbitration system, built on the strength of the International Court of Arbitration and its Secretariat, which assist and accompany arbitrators through the procedure. The idea is not just to administer cases, but to oversee them so as to ensure a certain level of security, " Prof. Tercier pointed out.

He said one of the most distinctive and paramount features of the ICC procedure is the scrutiny of draft awards. The Court itself intervenes, through its Chairman or at its weekly sessions, to decide on appointments of arbitrators in the event that the parties or their counsel are unable to agree, to rule on challenges, to fix advances and arbitration costs, and to extend deadlines for the drafting of the awards.

Mr. Fali S Nariman, former Vice Chair, ICC International Court of Arbitration; ex-Member of Parliament & Senior Advocate, Supreme Court of India said while ICC arbitration is administered by a truly international body, its Court having a multinational and multi-lingual Secretariat, a complaint that is often made is that ICC arbitration is too costly.

Cost effectiveness, Mr. Nariman said, is comparative and when compared to domestic arbitration, it is definitely expensive because the unit of currency in domestic arbitration follows the unit of currency in domestic trade. However, he pointed out that the ICC Court is not reserved only for the ‘big spenders". There are now in place new Guidelines for Arbitrating Small Claims under the ICC Rules.

The guidelines, Mr. Nariman said: "do not define ‘small claims’: the notion of ‘small’ depends very much on the parties and their circumstances. The guidelines are so framed that they can be used even in large claims by parties who seek to reduce the costs and time required for an international arbitration."

Mr. Yogendra Kr. Modi, President, ICC India called for a change in the mindset of both lawyers and parties to arbitration. The basic purpose of arbitration is to bring about cost-effective and speedy resolution of disputes. In this context, Mr. Modi emphasized the need to evolve a fast track mechanism in India courts for commercial purposes so that the costs do not escalate owing to delay.

Other prominent speakers at the seminar were: Mr Lalit Bhasin, Member, ICC Commission on Arbitration and Chairman, Advisory Board, FICCI Arbitration & Conciliation Tribunal; Mr D M Popat, Member, ICC International Court of Arbitration & Senior Partner, Mulla & Mulla & Craigie Blunt & Caroe; Mr S K Dholakia, Senior Advocate, Supreme Court of India; Mr Uriel Lynn, President, Federation of Israeli Chamber of Commerce; Mr Jagdeep Dhankhar, Member, ICC International Court of Arbitration & Senior Advocate, Supreme Court of India and Mr J C Seth, Advocate, J C Seth & Co.