Efficient economic activity, especially in the foreign economic relations, is only possible with proper protection of property interests of each contracting party in case they are violated.<\/p>\n\n\n\n
As a rule, in case there is a dispute, the parties file a claim to the respective court with account of the subject matter and territorial jurisdiction. However, such dispute resolution procedure can last years and, therefore, entail unfavourable implications for the parties.<\/p>\n\n\n\n
At the same time, if the dispute arises out of contractual or other civil legal relations in connection with the foreign trade and other forms of economic ties, and at least one party to the dispute is a legal entity not being a resident of Ukraine, the dispute can be considered by the arbitration court, namely the International Commercial Arbitration Court at the Ukrainian Chamber of Commerce and Industry (hereinafter the \u201cICAC at the Ukrainian CCI\u201d).<\/p>\n\n\n\n
Moreover, according to the jurisdiction rules, the ICAC at the Ukrainian CCI may also consider the disputes between the enterprises funded with foreign investment as well as international associations and organisations registered in Ukraine.<\/p>\n\n\n\n
Complexity of litigation in a foreign state can make the parties agree in the contract that the dispute will be heard by the ICAC at the Ukrainian CCI.<\/p>\n\n\n\n
Also, an arbitration agreement may be made after the conflict between the parties occurs, and the dispute can be submitted to the arbitration court for consideration.<\/p>\n\n\n\n
The interesting aspect is that the advantage of such dispute resolution method is the parties\u2019 freedom to decide how many arbitrators will hear their case, one or three. Moreover, the decision of the court will be final and binding.<\/p>\n\n\n\n
Thus, consideration of the case by the ICAC at the Ukrainian CCI can materially save the Client\u2019s time and efforts as to the most prompt and efficient protection of the violated rights since the litigation will not exceed six (6) months from the day when the arbitral tribunal (made of one or three arbitrators) is actually established.<\/p>\n\n\n\n
The team of TOTUM Law Firm has the in-depth knowledge and successful experience in defence of the Clients\u2019 rights and interests in such disputes at the ICAC at the Ukrainian CCI. Our confidence and experience have helped our Clients obtain a positive court decision promptly.<\/p>\n","protected":false},"featured_media":1000,"menu_order":0,"template":"","totum_services_category":[],"class_list":["post-2527","totum_services","type-totum_services","status-publish","has-post-thumbnail","hentry"],"translation":{"provider":"WPGlobus","version":"3.0.2","language":"en","enabled_languages":["ua","en","pl"],"languages":{"ua":{"title":true,"content":true,"excerpt":false},"en":{"title":true,"content":true,"excerpt":false},"pl":{"title":true,"content":false,"excerpt":false}}},"yoast_head":"\n