ICCR 2018 STATE OF THE ART ARBITRATION RULES
International commercial arbitration remains a preferred method of dispute resolution, at least in matters of investments, transactions and concessions made in emerging markets.
Romania is one such emerging market, posting the largest GDP growth rate across the European Union last year and a safe forecast for at least 4 percent GDP growth in 2018. Thus, Romania makes for one of the most appealing investment propositions today.
Investors are inclined to arbitrate their business disputes in Romania, but they also want a fast, impartial, expert, pragmatic, legally effective and economically efficient dispute resolution process. The International Chamber of Commerce of Romania (ICCR) has secured all these fundamental values of an international commercial arbitration process through its new set of arbitration rules, which have just entered into force in January 2018 (ICCR Rules 2018).
The ICCR Rules 2018 are state of the art in international commercial arbitration. They greatly simplify standard international arbitral proceedings, enhance the impartiality and independence of arbitrators, provide effective fast track arbitration mechanisms, as well as time and cost effective arbitration management tools, and facilitate functional mechanisms enforcing arbitral awards.
Simpler, less formalistic proceedings
The ICCR Rules 2018 have taken important steps towards the dejudicialisation of the arbitral process, steering away from the national courts’ formalism and promoting high standards of flexibility and party autonomy. In this vein, one remarkable aspect is enhancement of the arbitral tribunal’s powers to tackle procedural incidents, and safeguarding the party autonomy principle.
Enhancing the impartiality and independence of arbitrators
Compared to previous local rules and the relevant standards of international institutions such as the ICC Paris and the Stockholm Chamber of Commerce (SCC), arbitration in Romania under ICCR Rules 2018 offers extended guarantees of impartiality and independence of arbitrators.
Apr-Jun 2018 issue
Popovici Nitu Stoica & Asociatii