Arbitration is a way of solving commercial disputes outside the ordinary courts. The dispute is decided in the form of a final award which is issued by one or more independent and impartial arbitrators which are selected by the Parties and confirmed by the Institute on a case-by case basis. Arbitration is often considered to be faster and more cost-effective than the ordinary courts. One of the reasons for this is that the arbitral award is not subject to appeal. Another advantage is the possibility for the Parties to select their own arbitrators with subject expertise as long as they are safe from conflicts of interest. In addition, the arbitration procedure can be tailor-made in accordance with the Parties’ agreement.
The Institute’s current Rules of Arbitration Procedure entered into force 1 May 2013. The Institute’s Rules are in line with the latest international standards and the Rules promote flexibility, efficiency and transparency in order to make the service of the Institute as attractive for the companies as possible.
An arbitration case is commenced on the date on when the Institute receives a Statement of Claim, see Article 4 of the Rules, together with a registration fee of EUR 1,300.00. The Rules of Arbitration Procedure are available in English, German, French, Russian, Chinese and Danish.