Tradition of taking disputes, arisen between businessmen under consideration of Arbitrage is widely spread in the contemporary world. In the world practice those ones are Permanently Acting Arbitration Courts at Chambers of Commerce and Industry. The RA law on “Commercial Arbitration” has been adopted in 2006. In 2007, according to that law Arbitration Court was established at the RA Chamber of Commerce and Industry.
The Aim of Arbitration
The aim of Arbitration Court implementation is to get fair settlement of disputes through unbiased Arbitration tribunal without irrelevant delay and expenses. While signing international contracts the level of parties’ responsibility has greatly increased in the business environment. In that case the parties decide the conditions of treaties, their rights and obligations, as well as the way of possible dispute settlement, which helps to smooth away disagreements arisen between the parties.
Establishment of Arbitration Court
In accordance with the RA provisions of the laws “On Commercial Arbitration”, “On Chambers of Commerce and Industry”, as well as decision #04/2007 of the Presidium of CCI of RA, an institution called “Permanently Acting Arbitration Court at Chamber of Commerce and Industry of the Republic of Armenia” has been established on April 3, 2007.Arbitration process is based on appropriate arbitration reservation and/or Arbitration Agreement prescribed in the agreement signed between the parties. RA Chamber of Commerce approved the list of arbitrators, where the involved arbiters have been selected on transparent basis. Preconditions of such selection were the candidates level of knowledge, their capacities and accumulated experience in business.
Jurisdiction of Arbitration
Arbitration process is based on appropriate arbitration reservation and/or Arbitration Agreement prescribed in the agreement signed between the parties. When the parties come into written agreement to apply to Arbitration Court, their claim becomes jurisdiction to the examination of Arbitration. Here is important, that the engaged parties will be informed about the conclusions of taking their dispute to Arbitration and understand, how is going the process of Arbitration (Regulation).
“Trade” concept with RA law “On Commercial Arbitration” includes all commercial relations, both contractual and non contractual.
The commercial relations particularly engage the following deals:
Providing and bartering goods and services
Transactions signed between banks, other financial organizations and their clients
Commercial representation and agents
Execution of works
Exploiting or concession
Joint venture or industry, other variant of entrepreneurial cooperation