The Court Of International Commercial Arbitration Attached To The Chamber Of Commerce And Industry Of Romania

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 Court of International Commercial Arbitration attached to the Chamber of Commerce and Industry of Romania, under its Regulations provides the following services: (i) international and domestic commercial arbitration; (ii) legal assistance and support in relation to arbitral proceedings in general; (iii) research in the field of arbitration; (iv) management of the co-operation relation between the arbitration commissions within the system of Chambers of Commerce and Industry in Romania. 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 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. 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.