Inevitably, disputes arise in commercial relations between business people. If these disputes are taken to the courts, they typically involve a significant loss of time and substantial costs. Therefore, the Argeș Chamber of Commerce, Industry, and Agriculture (CCIA Argeș), as a public utility institution, established the Commercial Court of Arbitration in 1994, acting under Article 5 of Decree-Law no. 139/1990, Article 353(1) of the Code of Civil Procedure, and Article 6 lit. j of its own Statute.
Commercial arbitration is an instrument regulated by law to offer economic agents a specialized alternative for resolving disputes arising from commercial acts and deeds.
The Commercial Court of Arbitration of C.C.I.A. Argeș is composed of over 40 arbitrators, appointed by the Arbitration Court's Governing Board from individuals who meet the conditions stipulated by the Rules of Arbitral Procedure. The resolution of disputes rests exclusively with the Arbitral Tribunal, formed by one or more arbitrators, empowered by the parties. As a rule, arbitrators are nominated from a list made public at the Commercial Court of Arbitration's headquarters or made available to the parties for this purpose.
Disputes are entrusted for resolution, according to the parties' agreement, to chosen or designated arbitrators, individuals tasked with judging the dispute and issuing a decision that the parties undertake to execute.
Valid initiation of the Arbitration Court is conditioned either by the written agreement of the parties in the form of an arbitration clause or in the form of a standalone agreement called a compromis (arbitration agreement). Thus, economic agents should have an arbitration clause inserted into their contracts (e.g., "Art. … Any dispute arising from or in connection with this contract, including regarding its conclusion, execution, or termination, shall be settled by arbitration of the Commercial Court Arbitration of ARGEȘ CHAMBER OF COMMERCE, INDUSTRY, AND AGRICULTURE, in accordance with the Procedural Rules of this Court.").
The parties have the ability to designate the arbitrators themselves who will resolve the dispute, based on their professionalism, moral integrity, and specialization. The designated arbitrators are independent and impartial in fulfilling their duties and do not act as representatives of the parties in the dispute.
Disputes can be resolved rapidly, with the arbitral award being issued within a maximum of 5 months (for international disputes, 9 months) from the constitution of the arbitral tribunal, unless the parties have agreed otherwise. Compared to the resolution times practiced by courts, this aspect becomes significant, especially considering the pecuniary nature of the disputes submitted for judgment.
Arbitration costs are regressive and significantly lower than the court fees charged in a judicial process. They are paid only once, whereas pursuing a dispute in court involves paying fees at different levels of jurisdiction.
The dispute resolution process, the case file, including the arbitral award, are confidential. No third party has access to the file without the written consent of the parties. The lack of public debate allows parties to protect their reputation, which is essential in a competitive economic environment.
The arbitral procedure, like court proceedings, concludes with the issuance of a decision that is final and binding on the parties and carries the same legal force as a court judgment. It can be enforced through the means established by the Code of Civil Procedure.
An arbitral award can only be overturned through an action for annulment, brought under the conditions and for the reasons expressly and restrictively provided by law.
Arbitration also provides parties with a conciliation procedure, a tool through which they can harmonize their interests and avoid commercial disputes with all the inconveniences they entail.
In conclusion, we are convinced that the arguments above persuasively advocate for arbitration as a modern and efficient solution, widely used throughout the world. And last but not least, arbitration can be an even more convenient solution in Romania, given that the alternative—court proceedings—often means a very long time until a definitive resolution.
We invite you to consider this option for resolving commercial disputes and to confidently use the services of the Commercial Court Arbitration of CCIA Argeș.
