International Commercial Arbitration
International Commercial Arbitration is a non-state commercial arbitration court, which is specifically dedicated to deal with commercial disputes between participants in international commercial transactions, where the parties are foreign companies and organizations. In Ukraine, there is an International Commercial Arbitration Court at the Chamber of Commerce and Industry of Ukraine, which is an independent and permanent arbitration body. International arbitration is an effective way to resolve legal disputes between subjects of foreign economic activity.
Services in Representation in International Arbitration:
- Legal Advice;
- Representation in the International Commercial Arbitration Court;
- Сonsideration of the Сase in the arbitration court of commercial disputes;
- Preparation and analysis of arbitration clauses;
- Legal analysis and choice of law, which is used when considering an arbitration dispute;
- Determination of the arbitration court in which a commercial dispute is to be considered;
- Protection of the interests;
- Appeal, recognition and enforcement of arbitral awards;
- Mediation and settlement of disputes between the parties;
- Preparation, execution and approval of a settlement agreement and more.
International Commercial Arbitration Court may consider the case only if there is an arbitration agreement between the parties on the transfer of disputes to arbitration. There are two types of arbitration agreements: an arbitration clause and a separate arbitration agreement.
Arbitration Disputes that are dealt with in International Commercial Arbitration:
- contract disputes;
- transportation of goods and passengers;
- trade representation and mediation;
- rental (leasing) of real estate and movable property;
- scientific and technical exchange;
- licensing activities;
- investment, credit and settlement operations, insurance;
- joint business and more.
Arbitration is conducted in accordance with the rules of law, which the parties have identified. Decisions of the International Commercial Arbitration Court are final and are executed by the parties voluntarily (Convention on the Recognition and Enforcement of Foreign Arbitral Awards, 1958).
The advantages of resolving commercial disputes in international commercial arbitration:
- efficiency in handling commercial disputes;
- finality and commitment for the parties;
- recognition and enforceability in more than 140 countries;
- high qualification of arbitrators;
- the right of the parties to independently choose arbitrators and the language for the consideration of a commercial dispute;
- independence and confidentiality.
International Arbitration Agreements: European Convention on International Commercial Arbitration 1961, New York Convention on the Recognition and Enforcement of Foreign Arbitration Decisions of 1958.
Popular centers of international commercial arbitration:
- Stockholm Chamber of Commerce
- London Court of International Arbitration (LCIA)
- ICC International Court of Arbitration
- American Arbitration Association
- Vienna International Arbitral Center.