ASSIGNMENTOF

I.T. AND FINANCE

(TOPIC: INTERNATIONAL CHAMBER OF COMMERCE)

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 Clémentel. In June 2008 the World Council elected Victor K. Fung as Chairman of ICC, Rajat Gupta as Vice-Chairman 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 reper-cussions 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

ICC’s supreme governing body is the World Council, consisting of representatives of national committees. The World Council elects ICC’s 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 medium-sized 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 Clémentel, 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 non-international 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 ICC’s 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 ICC’s 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 ICC’s

publishing arm, in the country of the national committee, and to enter into a separate commercial agreement with ICC Publishing SA.