Contracting Parties that wish to have the possibility of resorting to ICC Arbitration in the event of a dispute with their contracting partner should specifically and clearly agree upon ICC Arbitration in their contract or, in the event no single contractual document exists, in the exchange of correspondence which constitutes the agreement between them. The fact of issuing a letter of credit subject to the UCP 500 does not by itself constitute an agreement to have resort to ICC Arbitration.

The following standard arbitration clause is recommended by the ICC:

"All disputes arising in connection the present contract shall be finally settled under the rules of conciliation and arbitration of the International chamber of Commerce by one or more arbitrators appointed in accordance with the said rules."

What does it mean?

Does it mean that if dispute arise then the party(s) will not get help of ICC arbitration, if such clause does not stipulate in the L/C or contract?

Please also inform me,

01. Who can go for ICC Arbitration?

02. If there is no clause in the Letter of Credit or Proforma Invoice if it is required then any body can go for ICC Arbitration.

The enquirer has not given the specific details of his case. Hence there may be many variables. That means I cannot go one step further unless these variables are cleared. Otherwise my comments may be misleading and inappropriate given the details of the case are known.

Best regards,

T. O.

02. No clause has to be stated in the underlying instrument. It is a dispute resolution service available to anyone involved in UCP, URDG or URC transactions.

Glenn Ransier,

ICC DOCDEX dispute resolution is different and any party can initiate a DOCDEX request.

Regards,

Don