ICAM ARBITRATION

• The ICAM Rules provide precise timelines for the appointment of the tribunal in various scenarios (sole arbitrator, three arbitrators,multiparty proceeding etc.).
  

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• The ICAM Rules have provisions dealing with the challenge of Arbitrator (s), and if necessary, the replacement of the Arbitrator (s).

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• The ICAM Rules provide an upfront fee schedule, which define an upper limit for Arbitrators' fees as well the ICAM administrative fee.

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• The ICAM Secretariat and the Council supervise the conduct of arbitration proceedings under the ICAM Rules.

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• The ICAM Rules provide a mechanism for the appointment of an emergency arbitrator to grant interim relief in appropriate circumstances.

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• The ICAM Rules have specific provisions dealing with the consolidation of proceedings.

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• The ICAM Rules provide for scrutiny of draft awards, so that the ICAM Registrar can suggest modifications to the form of the draft award (without affecting the Tribunal’s liberty of decision).

THE AD HOC  ARBITRATION

• Parties have to approach the courts to secure arbitrator appointments.
  

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• Parties will have to approach the courts to challenge arbitrator(s)and seek a replacement. This can lead to delays and costs.

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• Parties may have to negotiate the fees with the arbitrator(s).

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• There is no institutional supervision of proceedings.

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• No such procedure is available,which may lead to conflicting awards and/or increased costs.

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• Parties will have to approach a court of law to seek interim relief,before the appointment of the arbitral tribunal.

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• There is no scrutiny of awards process in an Ad hoc arbitration.

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