INTERNATIONALES RECHT
Arbitration in Bosnia and Herzegovina
Autor: Rechtsanwalt Alma Prnjavorac - Rechtsanwältin
Arbitration in Bosnia and Herzegovina
In the Foreign Trade Chamber of Bosnia and Herzegovina, as an institution whose main role is to represent and protect the interests of companies, there is the Arbitration Court which has jurisdiction for arbitration to settle disputes in commercial and other property and legal matters. Compared to regular court proceedings, proceedings before the Arbitration Court is cheaper, faster, more direct, less formal, and as such recommended.
Arbitration in Bosnia and Herzegovina
The Arbitration Court is an independent body, independent in its work and decisions. Arbitration is used for settlement of disputes that meet the following requirements:
1. that it is a commercial dispute in which the parties are free to dispose of the dispute matter where arbitration may at the request of one or both parties intervene for the of conciliation,
2. that this type of dispute is not under the exclusive jurisdiction of the ordinary court,
3. that the parties have agreed on the jurisdiction of the Arbitration.
Recommended clause in contracts
"The parties agree that any dispute relating to a concluded contract is finally resolved by the Arbitration Court of the Foreign Trade Chamber of Bosnia and Herzegovina with the application of the Book of Rules on the organization and operation of the Arbitration Court."
Why arbitration?
Arbitration (elected trial) is an alternative way of resolving disputes before the third, an independent and impartial body (Arbitration Court), whose competence is derived from the will of the parties and which is authorized to make a binding decision on the parties. Arbitration is based on the will of the parties, and not the powers of the state.
The proceedings is flexible, informal and single stage. The process is not public. Without the consent of the parties their identities cannot be disclosed, hearings are held only in the presence of the parties and of their authorized persons, and arbitral awards are not published.
The proceedings is fast and efficient, and the length of the proceedings is a maximum of one year from the moment of constituting the Arbitration Council or the election of a sole arbitrator.
Arbitral award is final and cannot be appealed. It has the force of a final decision of a regular court.
ABOUT THE AUTHOR: Law office of Prnjavorac
Law Office of Prnjavorac - Bosnia and Herzegovina
https://advokat-prnjavorac.com/lawoffice/
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