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ARBITRATION

 

 

Arbitration is a legal technique used to resolve disputes outside the court system, wherein the parties involved agree to refer to a chosen third party to solve the dispute.

Arbitration has long been an effective alternative to solve commercial disputes. According to the 1958 New York Convention on Acceptance and Execution of Foreign Arbitration Resolutions, arbitration was permitted in 134 countries; the number of countries that permit arbitration has grown every year since then. The arbitration system is more flexible than the court system, as participating countries can, on their own, choose the language, the location, and the number of arbiters and laws that will be used to solve the dispute.

  In the fall of 2003, two Lithuanian institutions of arbitration—the Arbitration at Lithuanian Business Confederation and the Vilnius International Commercial Arbitration—were reorganized into a single institution: the Vilnius Court of Commercial Arbitration. The founders of the Vilnius Court of Commercial Arbitration—INFOBALT,  Lithuanian Business Confederation, Association of Lithuanian Banks, Lithuanian National Road Carriers Association, LINAVA, and Association of Lithuanian Lawyers—affirmed the significance of the arbitration system in securing favorable facilities for solving business disputes and establishing a competitive alternative to state courts.

Businessmen use arbitration by signing a contract with a recommended arbitral party and then proceed in resolving the dispute. At any individual’s request, arbitration can be held at the Vilnius Court of Commercial Arbitration.

It is suggested to fill out contracts using a standard arbitral procedure.
Any dispute, controversy, or claim arising out of, or relating to this contract, its breach, termination, or validity, shall be settled by arbitration in accordance with the Arbitration Rules of the Vilnius Court of Commercial Arbitration.


The number of arbitrators shall be: _____________
The venue of arbitration shall be: ________________________
The language of arbitration shall be: ______________

 

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