Arbitration is a way of settling disputes in an independent private body: an arbitral tribunal.
The term "arbitration" is used to refer to both arbitration (domestic arbitration) and international arbitration.
As a rule, the arbitral tribunal is composed of one or three arbitrators (arbitrators). The main task of arbitration is to resolve the dispute by applying the rules of applicable law. The arbitration proceedings are terminated by a court decision, which is usually final and binding on the parties. The decision of the arbitral tribunal may be appealed in a state court only in exceptional cases. In most countries of the world, arbitral awards are binding.
Disputes are considered by arbitrators in the order of appointment of arbitrators in each case (ad hoc arbitration) or by permanent arbitration bodies, in Ukraine such body is the International Commercial Arbitration Court at the Chamber of Commerce and Industry of Ukraine, each country usually has its own institutional arbitration .
The consideration of international commercial disputes in commercial arbitration courts (arbitration courts) has a number of advantages over the consideration of these disputes in state courts.
The main advantages;
- Arbitration is not a public procedure.
Arbitration procedure, oral hearing in arbitration are closed to the media and the public; both the parties and the arbitrator are obliged to maintain strict confidentiality. This guarantees the protection of trade secrets, details of business or private life from the public, the media and competitors.
- The arbitrators are authoritative experts.
The parties are absolutely free to choose an arbitrator (arbitrator). They can be a representative of any profession, any nationality or citizenship. The main requirement for an arbitrator is impartiality and independence. This guarantees the objectivity, competence of the arbitrator and trust in him by the parties.
- Guarantee of enforceability of arbitration decisions.
In Ukraine and abroad, the decisions of arbitrators are binding. Thanks to the UN New York Convention on the Recognition and Enforcement of Judgments of Foreign Arbitral Tribunals(1958), in many countries the enforcement of arbitral awards is much easier than the enforcement of decisions of state courts.
- Arbitration saves time and money.
The organization of the arbitration procedure in accordance with the needs and capabilities of the parties, the absence of appeal and cassation appeal allow to settle the dispute in arbitration in a relatively short time. You can save money on translation and / or travel costs, as the parties have the right to determine in advance the language and place of arbitration proceedings that are convenient for them.
Our specialists, taking into account international practice, successfully conduct arbitration proceedings in Ukraine and abroad, representing the interests and advising clients in commercial and investment disputes, disputes related to the activities of joint ventures, licensing, insurance and other disputes.
Preparation for dispute resolution begins long before a business relationship is formed and a dispute arises. We help to draw up an arbitration clause in a commercial contract. In this case, our clients are already prepared for these disputes, they know how and where the dispute will be resolved, what language will be used, the substantive law of the state will be used in resolving the dispute and the formalities must be complied with.
Drawing up an arbitration clause for international commercial contracts is an important component of the legal services we provide in the field of international arbitration. We give advice on the form of the arbitration clause, which best met the requirements of a particular commercial transaction, we prepare the necessary documents.
Our specialists represent our clients both in Ukraine and abroad in cases that are directly related to international arbitration , such as enforcement of arbitral awards, preliminary securing of claims, confirmation or cancellation of the arbitral award. In foreign countries, in order to successfully resolve a case, we may engage local lawyers who specialize in procedural law .
We advise clients and provide services on all issues related to international arbitration, including:
- the choice of an international arbitration institution when concluding foreign economic contracts for the sale of goods and services;
- choice of applicable law;
- drawing up and approval of arbitration clauses and separate arbitration agreements;
- preparation of foreign economic contracts, agreements;
- pre-arbitration negotiations on settlement of international disputes and debt repayment;
- legal examination of the submitted documents and type of debt, selection of the optimal option for debt repayment;
- analysis and assessment of the prospects of the arbitration case;
- support in the process of negotiations on the peaceful settlement of disputes, drafting and concluding amicable agreements;
- recognition and enforcement of foreign arbitral awards in Ukraine and abroad;
- search for current data on the debtor and his assets;
- preparation of a statement of claim and materials for submission to international arbitration bodies;
- representation of the customer's interests in international commercial arbitration courts;
- settlement of commercial disputes in the International Commercial Arbitration Court at the Chamber of Commerce and Industry of Ukraine;
- representation in appeals against decisions of commercial arbitration courts;
- recognition and enforcement of foreign arbitral awards;
- establishment of liquid assets of the debtor, seizure of them, valuation and enforcement of the debtor's property to repay the debt by arbitration, and the like.