Saturday, February 28, 2015 6:57:38 PM
From an article discussing the ICC Arbitration Rules.
H. Expected Date of the Award
The ICC Rules require the final award to be issued within six months of the signing of the Terms of Reference, although in practice that deadline is extended by agreement of the parties in many cases. Even where the parties have agreed to an extended timetable, they frequently complain about the length of time it can take to receive a final award after the close of proceedings. In addition to greater transparency about arbitrator availability, one of the ways that the ICC hopes to address concerns about the length of proceedings is through increased transparency about the timing of the delivery of the final award.
In what should be a welcome change, under Article 27 of the revised Rules, at the close of the proceedings, the tribunal is required to communicate to both the ICC Secretariat and the parties the date by which it expects to submit its draft award to the ICC Court. Article 27 also provides a more specific definition of the close of proceedings, providing that the close of proceedings comes after the last substantive hearing or the filing of the last substantive submission, whichever comes later.
Knowing in advance the expected date of delivery of the final award not only means that the parties will have some forewarning that the award is imminent, but it also may be helpful in facilitating possible settlement before the award is issued.
http://www.wilmerhale.com/uploadedFiles/WilmerHale_Shared_Content/Files/Editorial/Publication/International%20Arbitration%20Alert.pdf
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