Court of Arbitration
The Court of Arbitration of the Estonian Chamber of Commerce and Industry as a permanent arbitration court settles disputes arising from private law relationships, including foreign trade and other international business relations.
- The arbitration procedure is confidential, which means that the Court of Arbitration does not disclose to the third persons any information regarding the disputing parties and the dispute. Information is disclosed to the third persons only in case if the Court of Arbitration has a previous written consent of the parties for disclosing information;
- The arbitration fee is the cheaper the bigger the amount of claim. Determining the arbitration fee always takes the expected complexity of the dispute and the manner of forming the arbitration court (if the parties wish a court of arbitration with one or for example five members) into account;
- The arbitration procedure is faster, the term for the procedure is up to six months (which can be extended, if necessary);
- The parties can participate in forming the arbitration court settling the dispute, suggest their candidates, make proposals regarding how many members should the Court of Arbitration settling the case have etc;
- It is easy to enforce the decision of the Court of Arbitration in a foreign country (in all countries that have joined the 1958 New York convention);
- The decision of the Court of Arbitration enters into force from the moment of its making, thus it can be enforced from the moment of its making (the decision can be taken to a bailiff and the execution proceedings can be started).
Read more about Court of Arbitration in Estonian HERE