The International Chamber of Commerce is the world business organization, which speaks with authority on the behalf of enterprises from all sectors in every part of the world.
The primary mission of International Chamber of Commerce is promotion of trade and investment as well as helping business corporation meet the challenges of the globalization. ICC from the beginning believes that trade is a potent force which serves peace and welfare. The small group of businessmen who founded ICC called themselves “the merchants of peace”. 1.Incoterms2010
Because of the fact that the member companies and associations are engaged in international business, the International Chamber of Commerce has an authority in making rules, which regulate the conduct of cross-border business. Even though these rules are not mandatory, they are observe in thousands of transactions every day and have become part of the structure of the international trade. This goes to show that ICC has very big influence on the development of the open world economy.
What is more, ICC is a leading provider of dispute resolution services for individuals, businesses, states, state entities, and international organizations seeking alternatives to court litigation. The International Chamber of Commerce offers string of services, which can help the parties overcome disputes arising from international trade. It is not necessary to be a member of ICC to benefit from its dispute resolution services. Any and all parties wishing to take advantage of the benefits of these services may do so. These services embrace various problems and various situations. Each is guided by a set of rules defining a neutral procedure that is able to adapt to cultural, linguistic and legal diversity.
Arbitration, administered by the ICC International Court of Arbitration, usually leads to binding decisions issued by a tribunal of one of three arbitrators. The decision is widely enforceable because of the legal recognition arbitration enjoys in almost all the world’s trading nations.
Amicable dispute resolution involves different methods of dispute resolution, which seek a settlement by a consensual means. The neutral third party and the parties to the dispute decide on the settlement technique to be used, which may be mediation, neutral evaluation, a mini-trial or a combination of different techniques.
Dispute boards are ongoing bodies set up for the duration of a contract to resolve disputes as and when they arise during the life of the contract. Different types of dispute boards are available, depending on the powers the parties wish to grant to the members of the board and the force of their determinations.
Expertise consists of engaging a specialist to give an opinion on a matter requiring specialist knowledge and skills, such as technical, financial or legal know-how. The services offered range from the search for a suitable expert to the complete administration of the expert’s mission. A specific service called DOCDEX is offered for disputes relating to documentary credits, bank-to-bank reimbursements, collections and guarantees.
All of these services are excellent proof that International Chamber of Commerce is heavily involved in the advance of the world economy, focusing on the disseminate of the peaceful way of resolving disputes between both individuals and states.
Since 1946, ICC has held top-level consultative status with the United Nations and a close working relationship with its specialized agencies. Business, as represented by ICC, has been deeply and constructively engaged over the years in UN meetings and conferences, identifying the crucial components of a global partnership for development and its interlinked priorities. ICC is the collective voice of global business in the Global Compact. Although not a part of the UN formal intergovernmental structure, its personal sponsorship by the Secretary-General places the initiative clearly in the UN context. Following the adoption of the Global Compact Governance Framework in 2005, ICC’s Secretaries General were appointed to the Global Compact Board and regularly participated in board meetings in their personal capacity. In 2007, ICC published a policy statement on “the role of the United Nations in promoting corporate responsibility”, in which ICC presented global business views on the role of the Global Compact and suggestions to improve its effectiveness. ICC has also strengthened its working relationship with the Global Compact Office in two vital areas under the Global Compact’s remit: anti-corruption and environmental.