One of the main problems that domestic subjects of foreign economic activity have to face is the non-fulfillment by foreign counterparties of their contractual obligations. Such negligence, in turn, entails a number of negative consequences: an unforeseen «withdrawal» from circulation (and often a complete loss of goods or a significant amount of money), application of sanctions by the state, foreign counterparties, etc.
However, it is quite possible to defend own rights, prevent significant losses and avoid most of the negative consequences caused by bad faith of a foreign partner. The most effective means is the International Commercial Arbitration Court at the Ukrainian CCI.
The International Commercial Arbitration Court at the Ukrainian CCI can accept any case for its consideration only if there is an arbitration agreement between the parties. In accordance with Part 1 of Art. 7 of Law of Ukraine «On International Commercial Arbitration», an arbitration agreement is an agreement of the parties on the referring to arbitration of all or certain disputes that have arisen or may arise between them in connection with any specific legal relationships, regardless of the fact whether they are contractual in nature or not.
There are two types of arbitration agreements:
Arbitration clause is contained in the main agreement and is one of the terms of this agreement, it is agreed by the parties at the stage of developing the text of the agreement and its signing. The arbitration clause is forward-looking and is aimed at the future.
The separate arbitration agreement is an agreement of the parties on the referring to arbitration of the already existing disputes that have arisen on the basis of specific legal relations. A separate agreement is concluded.
Advantages of the International Commercial Arbitration Court: