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the Court pursuant to Art. 23(3) of the Rules. Art. 23(4) states that, after
the terms of reference have been signed or approved by the Court, the
parties cannot make new claims which fall outside the scope of the terms
of reference unless they have been authorized to do so by the arbitral
tribunal, which shall consider the nature of such new claims, the stage of
the arbitration and other relevant circumstances.
Conduct of the Proceeding and the Award
Within the issues determined by the terms of reference, pursuant to
the Rules Art. 24(1), the arbitral tribunal shall hold a meeting in order to
consult the parties on procedural measures. Article 24(2) sets forth that
a procedural timetable shall be established for the efficient conduct of
arbitration. Any change to this timetable shall be notified to the Court
and the parties.
The arbitration proceeding shall be carried out in compliance with
the terms of reference and the procedural rules and the awards rendered
within this scope shall be submitted to the Court for approval pursuant
to Art. 33. According to said article, the Court may modify the award as
to its form and the arbitral tribunal may not render an award that is not
approved by the Court as to its form.
In accordance with Art. 34(6), every award shall be binding for the
parties. The parties undertake to perform the award rendered by submitting
the dispute to arbitration and they are deemed to have waived their right
to recourse, insofar as such waiver can validly be made. However, it shall
be indicated that the execution of the award rendered as a result of the
arbitration proceeding is subject to the enforcement decision rendered in
the court of the relevant country.
Conclusion
As seen in the explanations above, the ICC arbitration procedure is
regulated under various provisions of the ICC Rules of Arbitration. The
arbitration proceedings commence with submission of the arbitration
request to the ICC secretariat and end with the rendering of the award.
Even though the award rendered in the arbitration has a binding nature,
the enforceability of the award requires an enforcement decision from the
court of the relevant country.