Court of International Commercial Arbitration
The Court of International Commercial Arbitration attached to the Chamber of Commerce and Industry of Romania was created in 1953 in Bucharest as a platform for settlement of foreign trade disputes by arbitration.
Under the Law no. 335 of December 3rd, 2007, the Arbitration Court was reorganised as a permanent arbitral institution attached to the Chamber of Commerce and Industry of Romania, administering both domestic and international arbitrations.
The president of the Court of International Commercial Arbitration is professor Ştefan Deaconu PhD, assisted by the vice-president, associate professor Bazil Oglindă PhD.
The Court of Arbitration maintains a List of Arbitrators, currently listing 91 experienced professionals, of high reputation in business and academia. The Court of Arbitration regularly updates the list of arbitrators, with new registration applications considered on a yearly basis.
The Court operates under its own Arbitral Codex. The Court of Arbitration is run by a Management Board, which is vested with standard powers, in a manner very similar to other international arbitral institutions. Powers are exercised in relation to arbitrator’s appointment and further status, to constitution of the arbitral tribunals and administrative matters affecting its operation, proceedings’ closure, matters related to costs, etc. In fact, the Management Board oversees the proper implementation of the Rules of Arbitration as per the assigned role, while also representing the Court of Arbitration in domestic and international relations.
Under its Regulations on the Organisation and Operation of the Court of International Commercial Arbitration attached to the Chamber of Commerce and Industry of Romania, the Court provides the following services:
- international and domestic commercial arbitration;
- legal assistance and support in relation to arbitral proceedings in general;
- research in the field of arbitration;
- management of the co-operation relation between the arbitration commissions within the system of Chambers of Commerce and Industry in Romania.
Arbitration at the Romanian Court of Arbitration
According to its Rules of Arbitration, the Court settles, under the arbitration agreement concluded by the parties, in accordance with the law or if specifically so enabled ex aequo et bono, international and domestic commercial disputes.
The arbitration process benefits of:
- a permanent secretariat, composed of specialized counsels, paralegals and administrative staff;
- a dedicated service for the administration of ad hoc arbitrations;
- Rules of Arbitration in English and Romanian language and on demand- on the spot assistance in relation to their use and implementation;
- a dynamic list of national and international reputable arbitrators; and
- hearing facilities located in the centre of Bucharest.
The Court of Arbitration administers commercial disputes virtually across all economic sectors, from infrastructure, construction, project finance and development to retail, distribution or equipment leasing, and from banking and capital markets and insurance to energy, oil and gas.
Similarly, in terms of legal complexity, dispute-areas and matters vary from corporate and joint-venture related ones to contract and tort, public to private, concessions, property, be that commercial, industrial, etc.
The arbitration fees are calculated ad valorem on the basis of the scale corresponding to the procedure applicable, and based on the amount claimed (these scales are available on the CA’s website).
Key cases, clients and honours
In the past 10 years, since Romania is a state member of the European Union, the Court of International Commercial Arbitration attached to the Chamber of Commerce and Industry of Romania settled over 3000 arbitration disputes. Among which a number of over 700 were international disputes.