Ans.
ROLE OF ICC IN ARBITRATION AND CONCILIATION
Settlement is a desirable solution for business disputes of
international character. The International Chamber of Commerce, Paris, is a
highly successful and most popular global organization/institution. It has
clear framework of rules and procedures, which provides the required facilities
and the administrative and supervisory services for settlement of disputes
through arbitration and conciliation. The ICC system combines the security and
the safeguards of institutional arbitration with the flexibility of ad-hoc
arbitration. The ICC system consists of a Court of Arbitration and a permanent
Secretariat which supervises each arbitration and conciliation, together with a
comprehensive set of rules for guiding the procedure. The Court has the power
to ensure application of ICC rules for arbitration and conciliation. The Court
of Arbitration is headed by a Chairman assisted by eight Vice ' Chairmen, a
Secretary General and one or several Technical Advisors selected by the Council
of ICC. The Court meets once in a month. The Court of Arbitration does not
itself settle disputes. It appoints and confirms the appointments of
arbitrators and conciliators who conduct the arbitration or conciliation based
on the Terms of Reference drawn up from the documents and in the presence of the
parties. The arbitration and conciliation proceedings are initiated at the
request of the party wishing to have recourse to arbitration or conciliation
and completed within a specified time limit. The court also fixes the place of
arbitration unless the parties have agreed otherwise. The arbitral proceedings
are conducted according to the rules formulated and procedures laid down by
ICC. The arbitral award which is given or made at the place of arbitration
shall be final and binding and the parties shall be deemed to have undertaken
to carry out the resulting award.
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