ASSIGNMENT

OF
I.T.
FINANCE

(TOPIC: INTERNATIONAL CHAMBER OF

COMMERCE)

AND

TABLE OF CONTENTS
1. INTRODUCTION
2. SALIENT FEATURES OF ICC
3. WORLD CHAMBERS FEDERATION
4. HISTORY OF THE ICC
5. THE CONSTITUTION OF ICC
6. OBJECTIVE OF ICC AND ITS REPRESENTATIVE COUNTRIES

INTRODUCTION

The International Chamber of Commerce was founded in 1919 to serve

world business by promoting trade and investment, open markets for goods
and services, and the free flow of capital. The organization's international
secretariat was established in Paris and the ICC's International Court of
Arbitration was created in 1923.
ICC's first Chairman was Etienne Clmentel . In June 2008 the World
Council elected Victor K. Fung as Chairman of ICC, Rajat Gupta as ViceChairman and Marcus Wallenberg as Honorary Chairman. In June 2009,
Jean Rozwadowski was elected Secretary General by the World Council
ICC (International Chamber of Commerce) is the voice of world business
championing the global economy as a force for economic growth, job
creation and prosperity. Because national economies are now so closely
interwoven, government decisions have far stronger international repercussions than in the past.
ICC - the world's only truly global business organization responds by
being more assertive in expressing business views.
ICC activities cover a broad spectrum, from arbitration and dispute
resolution to making the case for open trade and the market economy
system, business self-regulation, fighting corruption or combating
commercial crime.
ICC has direct access to national governments all over the world through
its national committees. The organization's Paris-based international
secretariat feeds business views into intergovernmental organizations on
issues that directly affect business operations.

SALIENT FEATURES OF ICC

Setting rules and standards
Arbitration under the rules of the ICC International Court of Arbitration is
on the increase. Since 1999, the Court has received new cases at a rate of
more than 500 a year.

ICC's Uniform Customs and Practice for Documentary Credits (UCP 500)
are the rules that banks apply to finance billions of dollars worth of world
trade every year.
ICC Inco terms are standard international trade definitions used every day
in countless thousands of contracts. ICC model contracts make life easier
for small companies that cannot afford big legal departments.
ICC is a pioneer in business self-regulation of e-commerce. ICC codes on
advertising and marketing are frequently reflected in national legislation
and the codes of professional associations.

Promoting growth and prosperity

ICC supports government efforts to make a success of the Doha trade
round. ICC provides world business recommendations to the World Trade
Organization.
ICC speaks for world business when governments take up such issues as
intellectual property rights, transport policy, trade law or the environment.
Signed articles by ICC leaders in major newspapers and radio and TV
interviews reinforce the ICC stance on trade, investment and other
business topics.
Every year, the ICC Presidency meets with the leader of the G8 host
country to provide business input to the summit.
ICC is the main business partner of the United Nations and its agencies.

Spreading business expertise

At UN summits on sustainable development, financing for development
and the information society, ICC spearheads the business contribution.
Together with the United Nations Conference on Trade and Development
(UNCTAD), ICC helps some of the world's poorest countries to attract
foreign direct investment.

In partnership with UNCTAD, ICC has set up an Investment Advisory

Council for the least-developed countries.
ICC mobilizes business support for the New Partnership for Africa's
Development. At ICC World Congresses every two years, business
executives tackle the most urgent international economic issues.
The World Chambers Congress, also biennial, provides a global forum for
chambers of commerce.
Regular ICC regional conferences focus on the concerns of business in
Africa, Asia, the Arab World and Latin America.

Advocate for international business

ICC speaks for world business whenever governments make decisions that
crucially affect corporate strategies and the bottom line.
ICC's advocacy has never been more relevant to the interests of thousands
of member companies and business associations in every part of the world.
Equally vital is ICC's role in forging internationally agreed rules and
standards that companies adopt voluntarily and can be incorporated in
binding contracts.
ICC provides business input to the United Nations, the World Trade
Organization, and many other intergovernmental bodies, both international
and regional.

ICC Governing Body

ICCs supreme governing body is the World Council, consisting of
representatives of national committees. The World Council elects ICCs
highest officers, including the Chairman and the Vice-Chairman, each of
whom serves a two-year term. The Chairman, Vice-Chairman and the
Honorary Chairman (the immediate past Chairman) provide the
organization with high-level world leadership.

Dispute Resolution Services

ICC International Court of Arbitration has received 14,000 cases since its
inception in 1923. Over the past decade, the Court's workload has
considerably expanded.
The Court's membership has also grown and now covers 86 countries. With
representatives in North America, Latin and Central America, Africa and
the Middle East and Asia, the ICC Court has significantly increased its
training activities on all continents and in all major languages used in
international trade.

Policy and business practices

ICC policies, rules and standards are prepared by specialized working
bodies. Normal procedure requires policy statements first to be adopted by
a commission, in consultation with national committees, and then
approved by the Executive Board, before they can be regarded as official
and public ICC positions.
Commissions examine major policy issues of interest to world business.
Each national committee (NC) or group may appoint delegates to represent
it at meetings. Officers are appointed by the Chairman and Secretary
General in consultation with NCs. Meetings of commissions are normally
held twice a year.
Task forces are constituted under the various commissions for a limited
period to undertake specific projects and report back to their parent
commission. Some task forces may include representatives of more than
one commission.

World Chambers Federation

The World Chambers Federation represents ICC's chamber of commerce
members worldwide. WCF was first established by ICC in 1951 as the
International Bureau of Chambers of Commerce.

WCF is a non-political, non-governmental body representing the interests

of local, national, regional, bilateral and transnational chambers of
commerce and industry.
Chambers represent companies of all sizes, particularly small-to mediumsized enterprises. WCF promotes and protects the chamber of commerce as
an essential intermediary between business and government and between
business and the general public.

HISTORY OF THE INTERNATIONAL CHAMBER OF COMMERCE

The ICC's origins

The International Chamber of Commerce was founded in 1919 with an
overriding aim that remains unchanged: to serve world business by
promoting trade and investment, open markets for goods and services, and
the free flow of capital.
Much of ICC's initial impetus came from its first president, Etienne
Clmentel, a former French minister of commerce. Under his influence,
the organization's international secretariat was established in Paris and he
was instrumental in creating the ICC International Court of Arbitration in
1923.
ICC has evolved beyond recognition since those early post-war days when
business leaders from the allied nations met for the first time in Atlantic
City. The original nucleus, representing the private sectors of Belgium,
Britain, France, Italy and the United States, has expanded to become a
world business organization with thousands of member companies and
associations in around 130 countries. Members include many of the
world's most influential companies and represent every major industrial
and service sector.

ICC India
ICC India is one of the most active chapters of the ICC, the world's apex
business organization. In its fold, it has a large membership of corporate,
chambers of commerce, trade & industry associations, consultancy
organizations etc
The International linkages of ICC INDIA are far and wide. The ICC
network speaks, directly and indirectly, for thousands of individual
corporations and industrial and trade associations in over 140 countries.
In line with its objectives of promoting liberalization in the country,
accelerating flow of foreign investment and lowering tariff barriers to
promote international trade, ICC has been playing a crucial role of

interacting with government & business on economic policies. As the

process of economic reforms is gaining ground, it is emerging as a rallying
point for Indian business in their effort towards globalization.

THE CONSTITUTION OF ICC

Preamble
Whereas the fundamental objective of the International Chamber of
Commerce, founded in 1919, is to further the development of an open
world economy with the firm conviction that international commercial
exchanges are conducive to both greater global prosperity and peace
among nations,
Whereas all the activities of the International Chamber of Commerce,
whether of a policy or technical nature, aim:
- to promote international trade, services and investment, while
eliminating obstacles and distortions to international commerce;
- to promote a market economy system based on the principle of free
and fair competition among business enterprises;
- to foster the economic growth of developed and developing countries
alike, particularly with a view to better integrate all countries into
the world economy;

Whereas the International Chamber of Commerce is committed to fighting

protectionism in all its forms, expanding the international flow of goods,
services, capital and technology, making policy recommendations on a
wide range of international issues and translating its principles into
practical services to the business community to facilitate commercial
exchanges across frontiers; and
Whereas the International Chamber of Commerce is also convinced of the
paramount need of enhancing the respect of high standards, equity and
good faith in international professional and business relationship;

ARTICLE 1
Name, Purposes, International Headquarters

The Organization is called International Chamber of Commerce, also

known as the "World Business Organization" or by the acronym "ICC".
ICC brings together the various economic sectors in market economy
countries and acts to:
1. Represent trade, industry, finance, transport, insurance and, in
general, all sectors of international business;
2. Ascertain the views of corporations, companies, organizations, firms
and individuals involved in international trade and related business
operations and voice them to the relevant intergovernmental
institutions and, through its National Committees, Groups and Direct
Members, to their governments and other bodies in their respective
countries;
a) Assure effective and consistent action in the economic and
legal fields in order to contribute to the harmonious growth
and the freedom of international commerce;
b) Provide practical and expert services to the international
business community;
c) Encourage effective rapprochement and cooperation among
businessmen in different countries and among the
organizations that bring them together.
3. Since its foundation in 1919, the seat and the International
Headquarters of ICC have been located in Paris.

ICC RULES OF ARBITRATION, 1998

The closing decades of the twentieth century saw international commercial
arbitration gain worldwide acceptance as the normal means of resolving
international commercial disputes. National laws on arbitration have been
modernized on all continents. International treaties on arbitration have
been signed or adhered to with impressive success. Arbitration has become
part of the curricula of large numbers of law schools. With the gradual
removal of political and trade barriers and the rapid globalization of the
world economy, new challenges have been created for arbitration
institutions in response to the growing demand of parties for certainty and
predictability, greater rapidity and flexibility as well as neutrality and
efficacy in the resolution of international disputes.

International Court of Arbitration of the ICC

The International Court of Arbitration is an institution for the resolution of
international commercial disputes. The International Court of Arbitration
is part of the International Chamber of Commerce .
ICC arbitration comprises nearly 65 % of all the arbitration disputes in the
world. As the arbitration body of the International Chamber of Commerce
(ICC), the International Court of Arbitration exists as a neutral forum to
resolve business disputes in international contexts. The International
Court of Arbitration pays particular attention to addressing the unique
difficulties and challenges of parties to international disputes such as
linguistic, cultural and legal differences, which are often compounded by
distance and concerns of fairness and neutrality. While the primary
mandate of the ICC organization is to promote and facilitate international
trade, the International Court of Arbitration strives to further those goals
by providing international businesses with an effective, efficient means of
resolving international disputes while avoiding costly cross-national
litigation.
Since the International Court of Arbitration was established in 1923, ICC
arbitration has been constantly nourished by the experience gathered by
the ICC International Court of Arbitration in the course of administering
more than eleven thousand international arbitration cases, now involving

each year parties and arbitrators from over 100 countries and from a
diversity of legal, economic, cultural and linguistic backgrounds.
The present ICC Rules of Arbitration came into effect on 1 January 1998.
They are the result of an intensive, worldwide consultation process and
constitute the first major revision of the Rules in more than 20 years. The
changes made are designed to reduce delays and ambiguities and to fill
certain gaps, taking into account the evolution of arbitration practice. The
basic features of the ICC arbitration system have not been altered,
however, notably its universality and flexibility, as well as the central role
played by the ICC Court in the administration of arbitral cases.
Every ICC arbitration is conducted by an arbitral tribunal with
responsibility for examining the merits of the case and rendering a final
award. Each year, ICC arbitrations are held in some 40 countries, in most
major languages and with arbitrators of some 60 different nationalities.
The work of those arbitral tribunals is monitored by the ICC Court, which
meets weekly all year round. Currently composed of some 112 members
from 73 countries, the Court organizes and supervises arbitrations held
under the ICC Rules of Arbitration. The Court must remain constantly alert
to changes in the law and the practice of arbitration in all parts of the
world and must adapt its working methods to the evolving needs of parties
and arbitrators. For the day-to-day management of cases in many
languages, the ICC Court is supported by a Secretariat based at the
headquarters of the International Chamber of Commerce, in Paris.
Although the ICC Rules of Arbitration have been especially designed for
arbitrations in an international context, they may also be used for noninternational cases.
The present publication contains only the 1998 ICC Rules of Arbitration.
The 1988 ICC Rules of Optional Conciliation, with which they were
previously published, have been replaced, as from 1 July 2001, by the ICC
ADR Rules, which are published separately. This re-edition of the 1998
Rules of Arbitration has allowed a number of typographical, syntactical
and grammatical corrections to be made to the text as previously
published. In addition, for the sake of consistency with the French version
of the Rules, in the second sentence of Article 2(9) of Appendix III, the
words "are expected" have been replaced by "have a duty ".

ARTICLE 1
International Court of Arbitration
Cl. 1. The International Court of Arbitration (the "Court") of the
International Chamber of Commerce (the "ICC") is the arbitration body
attached to the ICC. The statutes of the Court are set forth in Appendix I.
Members of the Court are appointed by the World Council of the ICC. The
function of the Court is to provide for the settlement by arbitration of
business disputes of an international character in accordance with the
Rules of Arbitration of the International Chamber of Commerce (the
"Rules"). If so empowered by an arbitration agreement, the Court shall
also provide for the settlement by arbitration in accordance with these
Rules of business disputes not of an international character.
Cl. 2. The Court does not itself settle disputes. It has the function of
ensuring the application of these Rules. It draws up its own Internal Rules
(Appendix II).
Cl. 3. The Chairman of the Court, or, in the Chairman's absence or
otherwise at his request, one of its Vice-Chairmen shall have the power to
take urgent decisions on behalf of the Court, provided that any such
decision is reported to the Court at its next session.
Cl. 4. As provided for in its Internal Rules, the Court may delegate to one
or more committees composed of its members the power to take certain
decisions, provided that any such decision is reported to the Court at its
next session.
Cl. 5. The Secretariat of the Court (the "Secretariat") under the direction of
its Secretary General (the "Secretary General") shall have its seat at the
headquarters of the ICC.

APPENDIX - I
STATUTES OF THE INTERNATIONAL COURT OF ARBITRATION
OF THE ICC

ARTICLE 1
FUNCTION
Cl. 1. The function of the International Court of Arbitration of the
International Chamber of Commerce (the "Court") is to ensure the
application of the Rules of Arbitration of the International Chamber of
Commerce, and it has all the necessary powers for that purpose.
Cl. 2. As an autonomous body, it carries out these functions in complete
independence from the ICC and its organs.
Cl. 3. Its members are independent from the ICC National Committees.

ARTICLE 2
COMPOSITION OF THE COURT
The Court shall consist of a Chairman, Vice-Chairmen, and members and
alternate members (collectively designated as members). In its work it is
assisted by its Secretariat (Secretariat of the Court).

ARTICLE 3
APPOINTMENT
Cl. 1. The Chairman is elected by the ICC World Council upon the
recommendation of the Executive Board of the ICC.
Cl. 2. The ICC World Council appoints the Vice-Chairmen of the Court
from among the members of the Court or otherwise.
Cl. 3. Its members are appointed by the ICC World Council on the
proposal of National Committees, one member for each Committee.

Cl. 4. On the proposal of the Chairman of the Court, the World Council
may appoint alternate members.
Cl. 5. The term of office of all members is three years. If a member is no
longer in a position to exercise his functions, his successor is appointed by
the World Council for the remainder of the term.

ARTICLE 4
PLENARY SESSION OF THE COURT
The Plenary Sessions of the Court are presided over by the Chairman or, in
his absence, by one of the Vice-Chairmen designated by him. The
deliberations shall be valid when at least six members are present.
Decisions are taken by a majority vote, the Chairman having a casting vote
in the event of a tie.

ARTICLE 5
COMMITTEES
The Court may set up one or more Committees and establish the functions
and organization of such Committees.

ARTICLE 6
CONFIDENTIALITY
The work of the Court is of a confidential nature which must be respected
by everyone who participates in that work in whatever capacity. The Court
lays down the rules regarding the persons who can attend the meetings of
the Court and its Committees and who are entitled to have access to the
materials submitted to the Court and its Secretariat.

ARTICLE 7
MODIFICATION OF THE RULES OF ARBITRATION

Any proposal of the Court for a modification of the Rules is laid before the
Commission on International Arbitration before submission to the
Executive Board and the World Council of the ICC for approval.

OBJECTIVES OF ICC & ITS REPRESENTATIVE COUNTRIES

CHARTER
Between
The ICC World Council
And
The National Committee [group] in [country/territory]

Preamble
ICC and its representative in [country] agree that they share the following
objectives:

to promote international trade and investment and the elimination of

obstacles and distortions to international commerce, with a view to
promoting global economic development;
to promote the market economy system based on free and fair
competition among business enterprises;
to foster economic growth of both developed and developing
economies;
to be the voice of the business community on key international
issues of importance to business;
to promote the writing and setting of rules and standards and the
development of global policies by business;
to abide by the Constitution of ICC.

1. ICC confers the following rights on the national committee

To have exclusive representation of ICC in the national context.
To use the ICC logogram on its letterhead, website and other
communications following the guidelines established for this
purpose. This right is restricted to the national committee and does
not extend to individual members.

 To enjoy full voting rights (as specified in the Constitution) at ICCs

highest governing and decision-making body the ICC World
Council.
To represent ICC positions towards its government and other
national authorities.
To submit views, opinions and positions in developing all ICC work,
including rules and policies; all national committees have an equal
voice in ICC work.
To make use of ICCs contact network worldwide.
To participate in ICC events and activities open to all national
committees and members.
To be offered the opportunity to be the distributor for ICCs
publishing arm, in the country of the national committee, and to
enter into a separate commercial agreement with ICC Publishing SA.