Don't cry over spilt milk,
entrusted to our Arbitration Chamber.
The contractual nature of arbitration is provided by the New York Convention of 1958 in force in 153 states, under which the parties are permitted to agree that any disputes arising shall be resolved by an arbitration panel, composed of three or more members.
International arbitration shall be given a preventive effect with respect to the conflict between the parties, in order to avoid problems of time and jurisdiction because it is the parties themselves who determine the applicable law and the seat in which the arbitration will be carried out.
The states parties to the New York Convention undertake to comply with all arbitration agreements concluded by the parties and to recognise and enforce the award issued by the arbitration committee at the end of the procedure.
Positive aspects of arbitration chamber are:
- 1. GREATER FLEXIBILITY AND SIMPLICITY OF THE PROCEDURE
- 2. LANGUAGE AGILITY
- 3. SHORTNESS OF PROCEDURE
- 4. PRIVACY
- 5. RECOGNITION OF THE ARBITRATION AWARD WORLWIDE