New Rules Regarding International Legal Arbitration To Take Effect
Wednesday, October, 17, 2012
The Court Of International Commercial Arbitration, working cohesively with the Chamber of Commerce and Industry of Romania will be producing an updated set of arbitration rules as soon as this year.
Arbitration Attorneys To Be Appointed To Group Panels By National Authority
Drastic and significant differences in procedure will include panel resolution to disputes where the parties involved will not be allowed to appoint any of the working arbitration attorneys. In cases involving the hired panels made up of three individuals, the panels are to be arranged by a Nomination Authority.
The new rule is quite different from that of other arbitration rules and is said to have the potential to decrease the trust of the parties involved in nominating the panels. In the past, the parties' ability to employ their own arbitration lawyers maintained an air of confidence during proceedings, but with the new rule, parties could now experience anxiety due to the outcome being in less of their control.
The newly addressed rules could spark interesting debate among businessmen and those involved in the judicial aspect of commercial and financial arbitration, as well as other cases. While arbitration laws are most likely considered set in stone and applicable as soon as they are decided upon, a debate is on the horizon in regards to whether or not cases that were in effect beforehand will be completely applicable to the new rule.
Legal Arbitration Fees To Be Determined By Calculated Averages
New rules involving the cost of legal arbitration are also in effect, where fees for arbitration attorneys will be set at a fixed percentage rate. The rate will be calculated to represent an average between the maximum and minimum rates found in the old set of rules. In the old rules, arbitration fees were decided upon in a similar fashion, but the exact cost was determined by the secretary of the Arbitration Court and then finalized by the president of the Arbitration Court.