Head of practice
Attorney. Specialist in commercial and labor law. Over 16 years of experience in legal support of businesses - debt recovery, contract enforcement, recovery of damages, commercial property and lease disputes.
Commercial Arbitration
Value of commercial arbitration
Commercial arbitration is an alternative method of resolving disputes between communities, which submits the dispute to an independent arbitration body. This procedure transfers the replacement of the national judicial system and greater flexibility to the regulatory process.
Signs of commercial arbitration
The main features of this procedure are as follows:
- first, the parties themselves decide whether to submit the dispute to arbitration, usually by stipulating this in an arbitration clause or by concluding a separate agreement. Although this limits the possibility of initiating the procedure unilaterally, it allows for the contractual settlement of important issues of the entire process;
- second, the parties can choose the place, language, composition of judges (arbitrators) and procedure for considering the case. This feature contributes to greater accessibility of commercial arbitration, its transparency and shorter duration compared to the same traditional judicial procedure;
- third, the process of considering the case is not public and is designed to preserve the results of the consideration between the parties, unless they agree otherwise;
- fourth, the arbitration decision is binding and recognized in the countries that are signatories to the New York Convention.
What issues does commercial arbitration resolve?
Commercial arbitration is applied to disputes arising in the field of business activity and concerns: violation of the terms of commercial contracts, investment protection, violation of credit agreements, securities transactions, performance of contract (construction) works, violation of license agreements for the use of intellectual property objects, etc. This list is given in more detail in the Law of Ukraine “On International Commercial Arbitration”.
Methods of conducting commercial arbitration
Arbitration courts
Arbitration courts allow entrepreneurs and companies to quickly and effectively resolve conflicts in the field of economic activity. These institutions can be established by agreement of the parties and consist of specially invited competent arbitrators. Most often, citizens initiate the procedure for creating temporary arbitration courts (Ad hoc), which are called upon to resolve a specific case and cease their activities after the relevant decision is made.
International Commercial Arbitration Court
The most popular form of resolving commercial disputes that contain a foreign element is to file a claim with the International Commercial Arbitration Court. Today, the ICAC under the Chamber of Commerce and Industry of Ukraine is successfully operating, considering international commercial disputes arising from foreign economic agreements, investment agreements, agreements between shareholders of international companies, and other matters.
Features of Commercial Arbitration
Appointment of a competent arbitrator
An arbitrator is an independent person who considers a dispute between the parties and issues an arbitration award. The fairness and quality of the dispute resolution by one of the selected methods described above depends on his professionalism, impartiality and experience. An arbitrator in commercial arbitration must:
- not have a real or potential conflict of interest with the parties;
- have in-depth knowledge in the field of commercial law, arbitration and economics;
- have relevant practice in dispute resolution;
- speak foreign languages.
As a general rule, the parties choose their own arbitrator, fixing this through an arbitration clause. If they cannot agree, the arbitration institution (for example, the ICAC) appoints an arbitrator from its list. It is also possible to challenge a commercial arbitrator if there are doubts about his impartiality. You can find out more about this process by contacting our lawyers for professional advice.
Arbitration Agreement
According to the terms of the arbitration agreement, which is a separate official document mandatory for the possibility of initiating commercial arbitration, the parties voluntarily agree to arbitration, define the dispute, the possibility of applying to state courts, etc. When concluding an arbitration agreement, it is important to clearly define the arbitration body, the place of arbitration and the applicable law (if it is a dispute with a foreign element). An arbitration agreement can be concluded in the form of a clause (included in the main contract as a part of it or an additional agreement), or a full-fledged contract.
Thus, commercial arbitration is an effective and flexible tool for resolving disputes. It provides the parties with the opportunity to independently determine the procedure and choose arbitrators. Commercial arbitration is used to resolve a wide range of disputes arising in the field of business and involves initiating a review procedure through arbitration courts or the International Court of Commercial Arbitration. Important aspects of commercial arbitration are the conclusion of an arbitration agreement, which ensures the efficiency of the entire process.
Contacting experienced lawyers in the field of commercial arbitration is the key to a successful dispute resolution. Prikhodko & Partners Law Firm provides a range of legal services, including support in commercial arbitration courts and preparation or legal audit of arbitration agreements. To find out the cost of legal support, fill out the form below.
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Our lawyers will accompany all economic legal relations of your company: from drawing up contracts and solving corporate issues to representing interests during inspections by regulatory bodies and in court disputes.
We have very flexible pricing, so contact us and we will discuss your specific case.
Do you work only in Kyiv?
Fortunately, modern technologies allow us to effectively solve almost any legal issue online regardless of your location. In cases where personal presence is necessary, our lawyers are ready to travel to any point in Ukraine. Moreover, thanks to our network of reliable partners abroad, we can provide legal support even in international cases. Our goal is to provide you with quality legal assistance wherever you are.
You may also need:
Claim to the arbitration court under the supply contract
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Claim in international commercial arbitration
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International investment arbitration
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Appealing an international commercial arbitration decision
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International Commercial Arbitration
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Appeal the decision of the arbitration court
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