Wednesday, October 3 2012 20:20
Arbitrage in Armenia is an advantage over state courts
ArmInfo. Over 2.5 years of its activity, the Financial Arbitrage has considered a total of 350 cases, President of the Financial Arbitrage of the Union of Banks of Armenia Naira Margaryan said at a press conference on October 3.
She said that the need in extrajudicial alternative settlement of disputes was dictated by a number of problems arising during the consideration of commercial and financial conflicts by the state courts.
The key advantage of the Financial Arbitrage is that any person being a party to an arbitration agreement can apply to the Financial Arbitrage. The Financial Arbitrage is already a full-fledged structure. It has a president and arbitrators. The president herself is an arbitrator. The Council of the Union of Banks of Armenia approves a list of arbitrators, and the contending parties can choose the relevant arbitrators.
Alongside with the Financial Arbitrage, another institutional arbitrage has been operating on Armenia for about 8 years - the Arbitration Court at the Chamber of Commerce and Industry of Armenia. Its Secretary Armen Voskanyan said that the Arbitration Court was established by the Chamber of Commerce and Industry to settle commercial disputes. The activity of the Arbitration Court is also based on an agreement between the parties in compliance with arbitration clauses or arbitration agreement. Like the Financial Arbitrage, the Arbitration Court is not included in the court system of Armenia. They just contribute to the access to justice.
Voskanyan said that the Arbitration Court has several advantages over others. For example, it has a four- month maximum term for consideration of cases and ensures secrecy. Besides, the hearings on the case can be held in a foreign language.
The Arbitration Court has received 50 applications, however, some of them have not been admitted to examination due to the low pubic awareness of the Arbitration's capacities, Voskanyan said.
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