Court of International Commercial Arbitration at the Chamber of Commerce and Industry of Romania and Bucharest

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==General Information==
==General Information==
* Official name: Court of International Commercial Arbitration at the Chamber of Commerce and Industry of Romania and Bucharest
* Official name: Court of International Commercial Arbitration at the Chamber of Commerce and Industry of Romania and Bucharest

Current revision as of 17:30, 2 June 2010


Contents

[edit] General Information

  • Official name: Court of International Commercial Arbitration at the Chamber of Commerce and Industry of Romania and Bucharest
  • Country: Romania
  • City: Bucharest
  • Type of organization: non-corporate organization
  • Date of creation: 1953
  • Interests: Arbitration
  • Fields of expertise: Commercial Disputes

[edit] Description

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 commercial 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.

[edit] Commercial Arbitration

According to its Rules of Arbitration, the Court settles, in accordance with the law or ex aequo et bono, civil and commercial international disputes, under the arbitration agreement concluded by the parties to the contract. The Arbitration Court also settles domestic civil and commercial 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 Court Organization and operation rules, with the Court procedural rules, with art. 4 of the European Convention on International commercial arbitration, signed in Geneva, on April 21st, 1961."

Parties may also stipulate in their arbitration clause the number of arbitrators and the place of arbitration. In international arbitration, parties may also stipulate the language used during the hearings and in the documents submitted, and also the substantive law applicable to the dispute.

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. They can be appointed by the parties from the List of arbitrators;
  • 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 twelve months in international arbitration and six months in domestic 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 87 Romanian arbitrators included on a List of Arbitrators and maintains a List of Foreign Arbitrators, comprising 37 specialists.

[edit] Contact

2, Octavian Goga Blvd. sector 3, Bucharest - Romania

Tel: (+4021) 319.27.47

Fax: (+4021) 319.01.26

Email: arbitration@ccir.ro

Official Website

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