DOMESTIC AND INTERNATIONAL ARBITRATION
The Court of International Commercial Arbitration attached to CCIR was created in 1953 for the settlement of foreign trade disputes. Under the Decree Law no 139 of May 11 1990, The Court of Arbitration was reorganized as a permanent non-corporate arbitration institution.
According to its Rules of Arbitration, the Court settles in accordance with the law or ex aequo et bono, disputes pertaining to international business, under the arbitration agreement concluded by the parties to the contract. The Arbitration Court also settles domestic commercial disputes.
SERVICES
The Court of International Commercial Arbitration attached to the CCIR enjoy a wide international recognition and offers the following services:
§ Arbitration for the settlement of international and domestic commercial disputes, based on the agreement concluded by businesses in their contracts or addendums thereto
Advantages
- Awards are final and binding and enjoy international recognition;
- Arbitrors' expertise The Court's arbitrors are highly trained specialists in law and foreign trade;
- Confidentiality the hearings are closed to the public, access to information on a dispute is allowed only with both parties' consent;
- Celerity proceedings are carried out within twelve months in international arbitration and five months in domestic arbitration;
- Low costs arbitration fees are calculated as percentages of the monetary amount of the claim, decreasing after reaching threshold values.
The Court provides free of charge to all interested parties the text of its Procedure Rules and lists. They are also available on the Internet at http://arbitration.ccir.ro
Arbitration Clause of the Court of International Commercial Arbitration attached to the Chamber of Commerce and Industry of Romania:
“All disputes related to the validity or arisen out of the interpretation, performance, or termination of this contract shall be submitted to the Court of International Commercial Arbitration attached to the Chamber of Commerce and Industry of Romania for resolution according to its Rules.”
§ Conciliation for amicable settlement of the disputes through the offices of the arbitrors of the Court, on the request of both or one of the two parties involved.
- Conciliation may take place whether or not there is an arbitral clause;
- Conciliation does not end with a final and binding award.
§ Procedures Consultancy
- Is provided FREE OF CHARGE by the specialists of the Arbitration Court at its offices, by phone, post, or online.
§ Mediation of the commercial disputes is a voluntarily and confidential procedural way by which parties entrust the settlement of a dispute to a third neutral and impartial party called mediator:
Advantages of mediation:
- Maintains good business relations by ending the problem, not the relationship
- Celerity in settling the dispute
- Avoids trials
- Business confidentiality
- The mediation procedure is sponsored by CCIR
- The mediator fee is half of the arbitration fee or of the negotiated value between the parties, who supports the costs equally.
Model of Clause
Commercial Contracts
“All disputes arising out of or in connection with this Contract, or regarding its conclusion, execution or termination, shall be settled by the Court of International Commercial Arbitration attached to the Chamber of Commerce and Industry of Romania, in accordance with the Rules of Arbitration of this Court.”
Extra commercial contract
“All disputes arising out of or in connection with this Extra-Contract, or regarding its conclusion, execution or termination, shall be settled by the Court of International Commercial Arbitration attached to the Chamber of Commerce and Industry of Romania, in accordance with the Rules of Arbitration of this Court.”
For details contact:
The Chamber of Commerce and Industry of Romania
Court for International Arbitration
Address: 2, Octavian Goga Blvd. sector 3, Bucharest, ROMANIA
Phone: (+4021) 319.27.47,Fax: (+4021) 319.01.26
E-mail: arbitration@ccir.ro, http://arbitration.ccir.ro