This issue of the ICC International Court of Arbitration Bulletin marks not only the start of a new term for the members of the International Court of Arbitration, but also the arrival of Pierre Tercier as its new Chairman. Professor Tercier brings to the Court his outstanding knowledge and experience of many areas of law in addition to international commercial arbitration.

In accordance with tradition, this first issue of 2006 contains the Statistical Report of the Court for the year 2005. It shows the broad scope of ICC arbitration, not only geographically but also as far as the subject matter of the disputes is concerned. The cases handled by the Court cover a wide spectrum of economic activities relating to both industry and services. Although the number of cases relating to each area of activity varies from year to year, certain trends can be observed. One of these is the steady increase in the number of cases from the financial services sector. We have therefore thought it appropriate to publish in this issue of the Bulletin extracts from a number of awards rendered in cases relating to banking and financial activities, together with an introduction by Philippe Neau-Leduc. These cases deal above all with guarantees and documentary credits, which are essential to international trade finance and are the subject of universally recognized rules developed by ICC's Commission on Banking Technique and Practice. These rules include the ICC Uniform Customs and Practice for Documentary Credits (UCP), a new version of which will be launched later this year.

Just as rules need to be updated and expanded to reflect changing practices, so do the commentaries written about those rules. In the following pages, we return to three subjects that have already appeared in past issues of the Bulletin. Serge Lazareff takes a new look at Terms of Reference, which he first dealt with in 1992 and then again in 1999. Eliseo Castineira and Markus Petsche take up the question of the language of the arbitration and consider certain issues it might raise in relation to the efficiency of the proceedings. Alexis Mourre writes on the application of the Vienna Sales Convention by arbitrators, drawing lessons from cases published in the Bulletin in 1995 and 2000. The Bulletin in this way seeks to foster ongoing reflection as well as explore new directions.

Anne Marie Whitesell

Secretary General

International Court of Arbitration