Vilnius Court of Commercial Arbitration

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[edit] General Information

  • Official name: Vilnius Court of Commercial Arbitration
  • Country: Lithuania
  • City: Vilnius
  • Type of organization: Court
  • Date of creation: 2003
  • Interests: Arbitration - Conciliation - Mediation
  • Fields of expertise: Commercial and Business Disputes

[edit] Description

The processes of globalization take place all over the world. Due to this fact more and more opportunities appear for the development of business on international level. However, it follows that the increase of both international and domestic commercial disputes is inevitable.

The disputing parties of international business agreements often derive from diverse cultural and legal traditions. Since they lack information about the peculiarities of civil proceedings in national courts and avoid publicity of public proceedings, they are often willing to bypass the litigation in the state courts.

Vilnius Court of Commercial Arbitration – is an attractive alternative to solve both national and international commercial disputes in a confidential way.

Vilnius Court of Commercial Arbitration was established as a result of the reorganization of the two arbitration institutions. At the end of October 2003, the two main Lithuanian permanent arbitration institutions – the Arbitration Court at the Association International Chamber of Commerce Lithuania and the Vilnius International Commercial Arbitration were merged into one institution, the Vilnius Court of Commercial Arbitration (VCCA).

Vilnius Court of Commercial Arbitration is an attractive alternative to solve both national and international commercial disputes in a confidential way. Usually the arbitration procedure consumes less time and cost than the litigation in national courts.

Arbitration is a way for solving disputes when natural or legal persons on the grounds of mutual agreement consign the resolution of their case to the third party but not to the courts of state.

The process of arbitration is more flexible than state civil proceedings – the parties may agree on the language, place, number of arbitrators, the nominating order thereof, as well as the governing law to solve the dispute, etc.

The arbitration awards are recognized and may be enforced in the territory of more than 130 states of the World, as these states that are the members of United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York, 10 June 1958).

[edit] Arbitration in Lithuania - Mediation and conciliation

Mediation is one of the methods of Alternative Dispute Resolution (ADR). The aim of mediation and conciliation procedures is to help the parties to reach a peace agreement. Vilnius Court of Commercial Arbitration may designate qualified mediators with both legal and psychological experience, who will make non-binding recommendations about possible ways to settle a dispute.

[edit] Arbitration in Lithuania - Appointing authority

When the parties have decided upon ad hoc arbitration, but cannot agree about the candidacies of arbitrators, Vilnius Court of Commercial Arbitration may fulfill the functions of an appointing authority and make all the necessary arrangements for appointing highly qualified and impartial arbitrators.

[edit] Contact

Gedimino av. 50/2, LT-01110 Vilnius, Lithuania

Tel: +370 (5) 261 4517

Fax + 370 (5) 212 2621

Email: info@arbitrazas.lt

Official Website

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