One of the problems, which is sometimes encountered by national subjects of foreign economic activities consists in non-fulfillment by foreign contracting parties of their obligations under contract. Such non-fulfillment, in turn, results in a number of negative consequences: unexpected “falling” out of circulation (and often the full loss of the goods or money to considerable amount), imposition of sanctions by the state, etc.
However it’s quite possible to assert one’s rights, prevent considerable losses and avoid majority of negative consequences caused by unfair practices of the foreign partner. The most efficient tool which may be used for this purpose is the International Commercial Arbitration Court attached to Chamber of Commerce and Industry of Ukraine.
- prompt consideration of disputes;
- the awards of the ICAC are final and binding upon the parties;
- acknowledgement of awards of the ICAC and possibility of their enforcement in 144 countries;
- the highest expertise and knowledge of the arbitrators;
- right of the parties to choose independently the arbitrators from the arbitrators’ list of the of the ICAC;
- settlement of disputes behind closed doors and guaranteed confidentiality.
The International Commercial Arbitration Court has the right to accept any case for consideration if the arbitration agreement between the parties is concluded. According to Part 1 of Article 7 of the Law of Ukraine “On international commercial arbitration”, the arbitration agreement is an agreement of the parties on transfer for arbitration of all or certain disputes which arose between them in connection with some certain legal relations, whether they are of contractual or other nature.
Arbitration clause: this is contained in the main agreement and constitutes one of the conditions of this agreement agreed by the parties in the stage of making up the document text and its signing. The arbitration clause is of perspective nature and relates to the future.
Separate arbitration agreement comprises an agreement of the parties on transfer for arbitration of already existing disputes arising in connection with certain legal relations.
- relations arising from purchase-sale (delivery) of goods, provision of services, performance of works, exchange of goods and/or services;
- cargo-and-passenger carriages;
- trade representation and intermediary;
- rent (leasing) of movable and immovable assets;
- exchange in the sphere of science, technology and creation activities;
- construction of industrial and other objects;
- licensing, crediting and settlement operations, insurance, investments;
- general entrepreneurship and other forms of industrial and business cooperation.
Specialists of Legal Department of Kharkov CCI have considerable experience in participation in ICAC hearings and are glad to help you even at the stage of entering into the foreign economic contract. In case of disagreement, our specialists are ready to prepare a statement of claim.
