Short Description

The Court of International Commercial Arbitration attached to the Chamber of Commerce and Industry of Romania has been established in 1953 to settle foreign trade disputes.

The Decree-Law No. 139/11 May 1990 re-organised the Arbitration Court as a permanent non-corporate institution attached to the Chamber of Commerce and Industry of Romania.

According to its Rules, 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 romanian and/or foreign parties to the contracts.

The standard arbitration clause of the Court of International Commercial Arbitration attached to the Chamber of Commerce and Industry of Romania is :
 

" 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 settlement according to its Rules. "

The parties can also stipulate in their arbitration clause the number of arbitrators, the place of arbitration, the language used in the debates and the documents filed. 

It is also recommended to include therein the law governing the contract.

The administrative seat of the Arbitration Court is in Bucharest, at the address of the Chamber of Chamber of Commerce and Industry of Romania.

Advantages of commercial disputes resolution by the Court :

- awards are final and binding for the parties; the awards enjoy a wide international recognition as Romania alongside over 100 countries, has adhered to the 1958 United Nations Convention on the Recognition and Enforcement of Foreign Arbitral Awards ;

- the arbitrators' expertise - the Court' s arbitrators are highly experienced specialists in law and international trade relations;

- confidentiality - the hearings are not public; nobody is allowed access to information on the dispute resolution activity of the Court;

- celerity and low cost of the procedures - proceedings are carried out within 9 months term; arbitration fees include also the romanian arbitrators' fees; they are calculated as percentages - decreasing after reaching threshold values - of the monetary amount of the claim;

The Arbitration Court enlists 40 arbitrators. The lists of Arbitrators can be consulted at the Court' s Secretariat. Parties may also appoint foreign arbitrators who qualify under the Court' s Regulations.
 

Procedure steps

1. The Claimant files a Request for Arbitration at the Secretariat of the Arbitration Court. The Secretariat sends the Request to the other party in the dispute who shall submit his defence within 30 days and select his arbitrator and substitute arbitrator.

2. The Arbitral  Tribunal is established, consisting of one or three arbitrators, according to the parties' will.

3. Hearings and debates are held in camera.

4. The Arbitral Tribunal deliberates and makes the Arbitral Award.
 

Optional mediation

Optional mediation is a procedure offered by the Court of International Commercial Arbitration for reaching an amicable, commercial settlement of the contractual disputes.

Mediation is an optional procedure, completely independent of the arbitral procedure, carried out by a mediator enlisted on the List of Arbitrators.

The advantages of mediation include its flexibility and the minimum of formalities used to reach a fair settlement, at a low cost for both parties.
 

Commercial Arbitration Regulations

- Regulation on Organisation and Functioning of the Court of International  Commercial Arbitration attached to the Chamber of Commerce and Industry of Romania as well as of ad hoc arbitration;
- Rules and Procedure Applicable to Arbitration for Settlement of International Commercial Disputes;
- Rules for Optional Mediation;
- Schedule of Arbitral Fees and Expenses;
- The Decree-Law No. 139/1990;