International Commercial Arbitration Court at the Ukrainian Chamber of Commerce and Industry
International Commercial Arbitration Court at the Ukrainian Chamber of Commerce and Industry (ICAC at the UCCI)
International Commercial Arbitration Court at the Ukrainian Chamber of Commerce and Industry (ICAC at the UCCI) has been established as independent and permanent arbitration body operating at the Ukrainian Chamber of Commerce and Industry in accordance with the Law of Ukraine “On international commercial arbitration”, Statute and Rules of ICAC at the UCCI.
ICAC at the UCCI consists of Presidium, President and Vice-Presidents, Secretariat and arbitrators according to the Recommendatory List approved by Presidium of the Ukrainian Chamber of Commerce and Industry.
The approved list of ICAC arbitrators includes the recognized law experts from over 30 jurisdictions – leading lawyers practicing in international trade, investments, contractual and corporate law, international carriages, intellectual property and other foreign economic activities within the ICAC competence. ICAC arbitrators are independent and impartial in dispute settlement.
Statute and Rules of ICAC at the UCCI
While settling disputes, arbitrators refer to the Statute and Rules of ICAC at the UCCI. Statute of ICAC at the UCCI is set forth in Supplement No. 1 to the Law of Ukraine “On international commercial arbitration”.
Rules of ICAC at the UCCI are valid in the wording approved by Decision of the Presidium of the Ukrainian Chamber of Commerce and Industry No. 18(1) dd. the 17th of April 2007 with amendments made by Decision of the Presidium of the Ukrainian Chamber of Commerce and Industry No. 24(6) dd. the 25th of October 2012, No. 38(1) dd. the 24th of April 2014.
Disputes to be settled by ICAC at the UCCI
ICAC competence covers settlement of disputes arising in the process of foreign commercial or other foreign economic operations concerning, in particular, sale and purchase (supply) of goods, work performance, rendering services, exchange of goods or works (services), cargo and passenger transportation, trade representation and mediation, lease, scientific and technical exchange, construction, licensed activity, investments, credit and settlement operations, insurance, joint venture and other forms of foreign economic activity.
The following condition is mandatory for acceptance of any aforesaid dispute for consideration by ICAC at the UCCI. At least one party to the dispute shall stay abroad or such dispute shall arise between the entities with foreign investments and international associations and organizations established at the territory of Ukraine, either between each other or between their participants, or such dispute shall occur between them other Ukrainian legal entities.
ICAC at the UCCI advantages against other arbitration institutions
- According to prescribed rules, total term of case consideration by ICAC shall not exceed 6 months from the date of forming the Arbitration Tribunal. The term may be prolonged by the Presidium at the reasonable request of the Arbitration Tribunal or one of the parties, if necessary. In practice such need may occur in order to perform or to complete any procedural actions.
- Arbitration language shall be either Ukrainian or Russian. The parties are entitled to agree any other arbitration language.
- The President is entitled to make a decision on claim security including in the form of order on the defendant’s property arrest. Arbitration Tribunal may also recognize the court’s security measures as compliant with arbitration agreement.
- Arbitration at ICAC at the UCCI shall comply with law provisions selected by the parties as applicable to subject of the dispute.
- ICAC at the UCCI awards shall be final and enforced by the parties voluntarily. Under the Convention on the Recognition and Enforcement of Foreign Arbitral Awards 1958, ICAC at the UCCI awards shall be recognized and enforced at the foreign jurisdictions.