What is arbitration?
Commercial arbitration is a form of alternative jurisdiction to state courts of law as provided by art. 542 of the Civil Procedure Code, “persons with full capacity to exercise their rights may agree to settle by arbitration the disputes between them, apart from those concerning the civil status, the capacity of persons, succession debates, family relations, as well as the rights over which they cannot dispose of”. Also, both State and public authorities and legal persons governed by public law having economic activities as their object of business and can conclude arbitration conventions if the law so permits. Any type of litigation arising out of or in connection with a contract, including disputes relating to the conclusion, performance or termination of a contract (with very few exceptions, expressly listed in the Code of Civil Procedure), can therefore be settled by arbitration.
The arbitration clause recommended by the Court of International Commercial Arbitration attached to the Chamber of Commerce and Industry of Romania for inclusion in commercial contracts is the following:
“All disputes or claims arising out of or in connection with this contract including disputes relating to its conclusion, performance or termination shall be finally settled by means of arbitration of the Court of International Commercial Arbitration attached to the Chamber of Commerce and Industry of Romania pursuant to the Rules of Arbitration of this Court. The arbitral award shall be final, binding and enforceable“.