Arbitration – more efficient way for resolving disputes

Arbitration represents an alternative dispute settlement mechanism, to resolving disputes before a court. The arbitration can be agreed between the parties in order to arbitrate a dispute arising out of a domestic and international commercial relations or any legal matter regarding the field of contractual relations, sport, employment or foreign investments. The arbitration agreement between the parties stands as a foundation of the arbitral tribunal’s jurisdiction to settle the dispute in accordance with the applicable law. The tribunal consists of arbitrators chosen by the parties or appointed by the institution that administers the proceedings. The corner stone of a successful arbitration lays in the independence and impartiality of arbitrators appointed to settle a dispute, providing a guarantees that the arbitral award would be an unbiased one.
In Serbia there are two arbitration institutions. The Belgrade Arbitration Center (BAC) was established in 2013 as a permanent arbitral institution that administers domestic and foreign disputes, assists in technical and administrative aspects of ad hoc arbitral proceedings under UNCITRAL or other rules, organizes and conducts mediation sessions and provides other services closely related to dispute settlement. The Permanent Arbitration at the Chamber of Commerce and Industry of Serbia was founded in 2016, in lieu of two long-standing independent arbitration institutions that existed at the Chamber of Commerce and Industry of Serbia. The Permanent Arbitration is an open arbitration institution of general type. Its jurisdiction may be agreed irrespective of parties’ nationality or their membership to the Chamber of Commerce of and Industry of Serbia.
 EFFICENT – fast and efficient procedure implemented without any unnecessary delays, in period of 6 months as maximum duration period of the process from the moment of the constitution of the arbitration panel or sole arbitrator;
 MODERN – arbitrators apply modern procedural rules including different technics, resulting in lower costs of the proceedings;
 INSTITUTIONS – two arbitration institutions ( BAC and Permanent Arbitration) offer services of administrating the cases with national and international elements for moderate fees ;
 CONFIDENTIALLITY – without the consent of the parties their identity cannot be disclosed, the hearings are held only in presence of parties in dispute and the arbitration award is not published;
 FINAL – the outcome of arbitration is an arbitral award that is final and binding upon the parties in the same manner as the final and enforceable court decision – no appeal is possible;
 ENFORSABLE – the parties are free to enforce an arbitral award as any other court decision within regular state enforcement proceedings;
 WORLWIDE – unlike court decisions, the arbitral awards rendered by tribunals seated in Serbia can be fully enforced in 150 states in the world based on the New York Convention on Recognition and Enforcement of Foreign Arbitral Awards.