International commercial arbitration Copy

Doing business with foreign counterparties is a complex and risky process that may result in contractual disputes between the parties. Normally, when concluding agreements in the area of international trade, the parties provide for the transfer of possible disputes for their resolution to special non-state institutions – international commercial arbitrations. They can be either permanent or created specifically to resolve a particular dispute. Settling disputes in international commercial arbitration has many advantages over handling cases in state courts.

There are many international commercial arbitrations in the world, according to the rules of which parties to international contracts in the area of trade in various types of products, construction, etc. can entrust their dispute resolution. Almost all of them have a high level of confidence and their arbitrators have a high level of professionalism.

In Ukraine, The International Commercial Arbitration Court and The Ukrainian Maritime Arbitration Commission operate under the Chamber of Trade and Commerce of Ukraine, whose activities are regulated by the relevant Law of Ukraine “On International Commercial Arbitration”, the Statutes approved by this Law and the Rules.

The success of lawsuit in international commercial arbitration begins to form at the stage of preparing and concluding a contract with a foreign partner, which should include the arbitration agreement – special conditions that confirm the true intentions of the parties on choosing the body of international commercial arbitration, the procedure under which the dispute will be considered, dispute venues, the number of arbitrators, etc.

In case of significant shortcomings, the arbitration agreement may be declared invalid or unenforceable, which lead to the choice of another method of dispute resolution and, most likely, in state courts in accordance with the territorial jurisdiction rules under the rules of international private law.

International commercial arbitration is an arbitral tribunal, however, it has a special status, because it deals with disputes arising from contractual and other civil relations arising in the course of foreign trade and other types of international economic relations.

The professional legal assistance of lawyer in international commercial arbitration requires knowledge of international law, the practice of applying it, as well as the application in the settlement of a dispute of the law of other countries, which may be subject to the terms of the contract. The attorneys of our Attorneys Association possess the requisite successful experience of legal assistance in lawsuits with a foreign party, including in international commercial arbitration.

In case of disagreeing with the decision of the international commercial arbitration, the dissenting party may also appeal it to the court of the respective state on the territory of which the arbitration institution is located.

The decisions of The International Commercial Arbitration Court and The Ukrainian Maritime Arbitration Commission may be challenged by submitting a relevant application to the court of appeal of the general jurisdiction at the place of their location.

Since international commercial arbitration is not a state institution, the enforcement of its decisions is possible after the procedure of recognizing such a decision by the state court of the country where the enforcement is to be implemented, which also requires professional legal assistance of a lawyer.