Arbitration is a safe method of resolving disputes and the development of arbitration institutions in Moldova is only to the benefit of the state and the citizens. The founding of the Chisinau City Arbitration Court was announced in a news conference at IPN.
According to the president of the Chisinau City Arbitration Court Alexandr Tselihov, arbitration offers the parties the possibility of choosing by themselves the arbitrators and the method of examining disputes. If the parties do not come to terms, the arbitration institution’s president passes a judgment and designates instead of the parties an arbitrator who would handle the case. An automated random arbitrator selection program will be developed at the Chisinau City Arbitration Court.
Speaking about the advantages of arbitration, Alexandr Tselihov said the examination of a dispute in common courts of law can last for several years, while in arbitration courts the procedure does not exceed several months. Arbitration also implies lower costs. The charged taxes are lower than in state courts. As the ruling made by the Arbitration Court is definitive, no time and money are spent on appealing.
The president of the Arbitration Association of the Republic of Moldova Valentin Vizant said it is not enough to speak about corruption and about the justice sector reform. Time has come to take action and the creation of arbitration courts is one of such actions. Upright professionals with unspotted reputation can be involved in arbitration procedures. A change of mentality is needed.
Victor Durleşteanu, president of the Moldova-China Chamber of Commerce, said arbitration is an instrument required by foreign investors. When these sign investment contracts, they prefer to choose arbitration as a dispute resolution instrument.
The law on arbitration was adopted by Moldova’s Parliament on May 31, 1994. Besides the Chisinau City Arbitration Court, arbitration courts will also be opened in Balti, Cahul and ATU Gagauzi. These will be intended for 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.
Arbitration Court founded in Chisinau municipality
Reduced dispute examination time and lower costs among advantages of arbitration