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Model Clause: Court of International Commercial Arbitration Attached to the Chamber of Commerce and Industry of Romania and Bucharest

  • Arbitration Clause Recommended by the Chamber of Commerce and Industry of Romania to be included in Commercial Contracts

    "All disputes arising out of or in connection with this Contract, or regarding its conclusion, execution or termination, shall be settled by the Court of International Commercial Arbitration attached to the Chamber of Commerce and Industry of Romania, in accordance with the Rules of Arbitration of this Court. The arbitral award shall be final and binding."

    The Parties may also choose to provide for the following:

    1 (1) "The arbitral tribunal shall be composed of a sole arbitrator, appointed upon joint agreement of the parties or by the president of the Court of International Commercial Arbitration attached to the Chamber of Commerce and Industry of Romania, where parties fail to reach such an agreement."

    or

    "The Arbitral Tribunal shall be composed of two arbitrators, each of them appointed by one of the parties, and no consent of the other party is necessary thereto".

    (Where such specifications are not made, the Arbitral Tribunal shall be composed of three arbitrators in accordance with the Rules of Arbitration; one arbitrator appointed by each party and a presiding arbitrator designated by the arbitrators.)

    2 "The Arbitral Tribunal shall settle the dispute in law, and the Romanian law shall be applicable."

    or

    "The Arbitral Tribunal shall judge the dispute ex aequo et bono."

    3 "The place of arbitration is at . . . . . . . . . . . (where a different place than the head office of the Court of Arbitration is established).

    4 "The Arbitral Tribunal shall render the award within . . . . . . months (where the parties agree to establish a longer or shorter interval than five months, as provided by the Rules of Arbitration of the Court of International Commercial Arbitration attached to the Chamber of Commerce and Industry of Romania).