The International Commercial Arbitration Court (ICAC) arbitration clause establishes the procedure for resolving disputes between parties to a contract.
The clause is based on the ICAC's recommended clause available on its official website and has been finalized in the following aspects: (i) The possibility to choose the composition of the arbitrators. Depending on the amount in dispute, the parties agree to appoint either one arbitrator or three arbitrators; (ii) the possibility to provide for additional requirements for arbitrators, including nationality, qualifications and foreign language skills; (iii) the arbitral tribunal shall decide in accordance with the terms of the contract and the applicable law agreed in the contract.
The ICAC arbitration clause may also contain additional provisions regarding the arbitration procedure, the place of arbitration, the language of the arbitration and other important aspects, allowing the parties to agree in advance on all necessary details and minimize the risks of the process