The public association “Arbitration Association of the Republic of Moldova” has announced the founding of the Arbitration Court of the municipality of Chisinau whose task is to resolve national and international disputes by amicable ways, avoiding the courts of law.
In a news conference at IPN, Valentin Vizant, president of the Arbitration Association of the Republic of Moldova, said the business entities’ confidence in arbitration has increased. More legal entities, companies that understood the advantages of arbitration, introduce the arbitration clause in the contracts signed with their clients.
The Arbitration Association’s president said a draft strategy for developing arbitration in Moldova and a set of amendments to the normative documents aimed at increasing confidence in arbitration institutions will be soon proposed. “They are recognized worldwide, but the mentality in our country and the non-popularization of these prevent the broad implementation of arbitration procedures. That’s why the mission of the Arbitration Association is to popularize the arbitration institutions,” stated Valentin Vizant.
Alexandr Tselihov, president of the Chisinau City Arbitration Court, said the persons with experience, with impeccable reputation, with aptitudes and rich knowledge in law can be arbitrators. This refers to lawyers, jurists, former prosecutors, judges who have served for tens of years. “Any jurist who considers they can offer the population, businesspeople, organizations and enterprises their knowledge, services and assistance as professional jurists can come and work on the Arbitration Court,” he stated. Any person who, according to the party, is able to resolve a dispute can become an arbitrator. This should not be mandatorily a jurist. The conflicting parties can decide by themselves the number of arbitrators who will examine the case, the procedures, the mechanism for appointing arbitrators by respecting the principle of neutrality so as not to advantage or disadvantage one of the parties.
According to Victor Durleşteanu, president of the Moldova-China Chamber of Commerce, arbitration is an alternative to the legal system and, if the Republic of Moldova wants to attract investment to the country, the investors should be sure that someone will do them justice in case of arguments.
The Chisinau City Arbitration Court is open to all the business entities, both national and foreign, state enterprises and all those who have the status of a legal entity and their disputes are related to commercial and economic law. The Arbitration Association now has a membership of over 30 arbitrators.
Arbitration is a safe method of resolving disputes, opinions
Reduced dispute examination time and lower costs among advantages of arbitration