Advantages of dispute settlement in the ICAC at the CCI of Ukraine

The main advantages of dispute settlement in the ICAC are:
• Efficiency of dispute resolution (about 80% of the cases considered are solved within a period of up to three months, and the maximum term in accordance with the Rules is no more than 6 months);

• the final and binding for the parties of the ICAC decisions;

• Recognition and enforcement of ICAC decisions in 144 countries of the world that are parties to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York, 1958). However, it is almost impossible to execute decisions of the state Ukrainian court abroad;

• High qualification of arbitrators in the field of solving foreign economic disputes, application of international law, legislation of Ukraine and other states (more than 20 doctors of legal science, experienced judges from Ukraine, the Russian Federation, the Republic of Belarus, Moldova, Latvia, Azerbaijan, Poland, Great Britain Germany, France, USA, Czech Republic, Slovakia, Serbia, Sweden, Hungary, Finland, Norway, Macedonia, Slovenia, Croatia, Bulgaria, Netherlands, Austria)

• the right of the parties to choose arbitrators from the list of the ICAC to decide their dispute;

• the procedure for resolving a dispute in a "closed door" and guaranteed non-disclosure by the court of any information transmitted to it by the parties;

• the possibility of considering the dispute in any language that is convenient for the parties.

Undoubted advantage for Ukrainian foreign trade entities is also the fact that, in accordance with the provisions of Article 4 of the Law of Ukraine "On the procedure for making payments in foreign currency," the acceptance by the ICAC of the claim of the resident at the CCI of Ukraine on recovery of a debt from a non-resident arising out of non-compliance by a non-resident terms provided for by export-import contracts, is the basis for suspending the payment by the bodies of the State Tax Service of the penalty provided for in this Law, and, in the case e satisfy the Tribunal of such a claim, the penalty for the entire period of the case by the court in the budget shall not be paid.

However, the ICAC can take any case to its consideration only if there is an arbitration agreement between the parties.

According to Part 1 of Art. 7 of the Law of Ukraine "On International Commercial Arbitration", the arbitration agreement is an agreement of the parties to transfer to arbitration all or certain disputes that have arisen or may arise between them in connection with any specific legal relations, whether they are of a contractual nature or not. The arbitration agreement can be concluded in the form of an arbitration clause in the contract or in the form of a separate agreement. In any case, it must be concluded in writing.

In the section "International Arbitration" on our website we gave the recommended arbitration clause to the ICAC.
 

Advantages of dispute settlement in the ICAC at the CCI of Ukraine