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ARBITRATION CLAUSE & AGREEMENT
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ABOUT THE INSTITUTION
The arbitral awards of Arbitration Institution at the Chamber of Commerce and Industry of Armenia (RA CCI) shall be subject to recognition and enforcement in all New York Convention Member States.
In modern world, the practice of handing out the disputes between businessmen to the arbitral tribunal is widespread. Arbitration is aimed at reaching fair dispute settlement through impartial arbitration tribunal without unnecessary delays and costs. The arbitration process is based on the arbitration agreement of the parties, which may be stipulated both in a separate agreement and in a civil (trade) contract of parties in the form of arbitration clause.
Arbitration Institution at the Chamber of Commerce and Industry of Armenia (RA CCI) was established in 2007. Dispute settlement is carried out by arbitrators included in the list approved by the RA CCI, based on their rich knowledge, specialiazation and experience gained in the field of law.
In sense of the RA Law on “Commercial Arbitration” the concept “commercial”, without any limitation, in particular includes, disputes arising out of or in connection with transactions between banks or other financial institutions and their customers, the legal relations connected with deliveries and exchange of goods and provision of services, commercial representations and the agencies, factoring, lease, leasing, performance of works, consultations, designing, licensing, implementation, financing, insurance, operation or concession, joint venture or other types of industrial, entrepreneurial cooperation, maritime, airborne, rail and motor transportations.
In 1997 the Republic of Armenia acceded to the Convention on “the Recognition and Enforcement of Foreign Arbitral Awards” signed in New York on June 10, 1958. By virtue of the Convention the arbitral awards of Arbitration Institution at the RA CCI shall be subject to recognition and enforcement in all New York Convention Member States which is another advantage over the judgments of state courts
ARBITRATORS
Dispute settlement is carried out by arbitrators included in the list approved by the RA CCI, based on their rich knowledge, specialization and experience gained in the field of law.
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About Us
Arbitration Institution at the Chamber of Commerce and Industry of Armenia (RA CCI) was established in 2007. Dispute settlement is carried out by arbitrators included in the list approved by the RA CCI, based on their rich knowledge, specialization and experience gained in the field of law.
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