| The Court of International
Commercial Arbitration attached to the Chamber of Commerce
and Industry of Romania was created in 1953 for the settlement
of foreign trade disputes.
Under the Law
no. 335 of December 3rd, 2007, the Arbitration
Court was reorganised as a permanent non-corporate arbitration
institution attached to the Chamber of Commerce and Industry
of Romania, for the administration of international and domestic
arbitration.
Under its Regulations on the Organisation and Operation of the Court of International Commercial Arbitration attached to the Chamber of Commerce and Industry of Romania, the Court provides the following services: arbitration, consultancy on procedures, studies and research in the field of arbitration, co-operation with the arbitration commissions within the system of Chambers of Commerce and Industry in Romania.
|
 |
|
Arbitration for the settlement of international and domestic disputes, its jurisdiction being based on the agreement concluded by businesses in their contracts or addendums thereto;
Procedures consultancy is provided free of charge by the specialists of the Arbitration Court at its offices, by phone or post;
International co-operation with similar institutions and organisations from other countries, for the purpose of establishing and developing collaboration. Participation in and organising of international conferences, meetings, forums and seminars;
Study and research of the international arbitration legislation and of the law applicable to the disputes;
Co-operation with the Arbitration Commissions within the system of Chambers of Commerce and Industry in Romania in promoting arbitration and in case law.
According to its Rules of Arbitration, the Court settles, in accordance with the law or ex aequo et bono, international disputes, under the arbitration agreement concluded by the parties to the contract. The Arbitration Court also settles domestic disputes.
Standard Arbitration Clause of the Court of International Commercial Arbitration attached to the Chamber of Commerce and Industry of Romania:
Any dispute under or related to this agreement, including with respect to the execution, performance or termination hereof, shall be settled by means of arbitration, by the Court of International Commercial Arbitration of the Romanian Chamber of Commerce and Industry, in compliance with the Rules of arbitration procedure of the Court of International Commercial Arbitration, in force, published in the Official Monitor of Romania, Part. I."
Orice litigiu decurgând din sau în legătură cu acest contract, inclusiv referitor la încheierea, executarea ori desființarea lui, se va soluționa prin arbitrajul Curții de Arbitraj Comercial Internațional de pe lângă Camera de Comerț și Industrie a României în conformitate cu Regulile de procedură arbitrală ale Curții de Arbitraj Comercial Internațional, în vigoare, publicate în Monitorul Oficial al României, Partea I."
Resolution of disputes by the Court has the following advantages:
- awards are final and binding for the parties; they enjoy a wide international recognition as Romania, alongside over 100 countries, signed the 1958 United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards;
- arbitrators' expertise - the Court's arbitrators are experienced specialists in law and international economic relations;
- confidentiality - the hearings are not public; access to information on the disputes at the Arbitration Court is allowed only with the parties' consent;
- celerity - proceedings are carried out within 10 months in international arbitration and 5 months in institutionalized arbitration;
- low costs arbitration fees are calculated as percentages - decreasing after reaching threshold values - of the monetary amount of the claim, as provided by the Regulations on Arbitration Fees and Expenses; moreover, in domestic arbitration, fees include also the arbitrators' fees.
The Arbitration Court enlists 121 Romanian arbitrators included on a List of Arbitrators and maintains a List of Foreign Arbitrators, comprising 47 specialists.
REGULATIONS
Law no. 335 of December 3rd, 2007
European Convention on International Commercial Arbitration
Arbitration Rules of the United Nation Commission for International Commercial Law
Procedural Rules of the Court of International
Commercial Arbitration
Arbitration Clause recommended by the Chamber of Commerce and Industry of Romania to be included in Commercial Contracts
Form of Compromise recommended by the Chamber of Commerce and Industry of Romania
Regulations on arbitration fees and expenses
Rules on the organization and operation of the Court of International Commercial Arbitration of the Romanian Chamber of Commerce and Industry
Rules of the Court of International Commercial Arbitration College
Romanian Code of Civil Procedure, Book IV "On Arbitration"
|
