Arbitration Advantages of the Arbitration
1. The arbitration award is final and binding. The arbitration award should be executed by the corresponding party immediately or within a given period. The arbitration award is an executory title, just as a court decision.
2. The arbitration award cannot be attacked. The arbitration award may only be reversed by annulation of the entire case under reasons regulated in art.608 p.1 of the Civil Procedural Code of Romania.
3. Arbitration awards are widely recognized internationally. They can be executed in more than 120 states - parties to the Convention on the Recognition and Enforcement of Foreign Arbitral Awards (New York, 10 June 1958), adopted by Romania by the Decree №186/1961.
4. Arbitration dispute resolution is efficient. Disputes in arbitration are being solved in general much faster than in other judicial instances.
5. Arbitration procedure is obligatory confidential. As an exception, some information may be disclosed in cases when it is needed for scientific or statistical purposes, without indicating the names of the parties or any other data which may affect the parties` interests.
6. Arbritration is not overregulated. The representatives of the parties may influence the proceedings and defend themselves. Moreover, the number of formalities is reduced to minimum necessary to render an award in compliance with the arbitration principles.
7. The arbitrators presented in the optional list of the International Arbitration Court for Transport are specialized in the area of transport and related activities. Such a specialization provides a high level of arbitration expertise in this area which doesn`t exist in the common law courts.
8. According to the arbitration agreement or if agreed by the parties, the arbitration may be held in various languages.
9. The arbitrators presented in the optional list of the International Arbitration Court for Transport are from different countries, which allows resolution of international disputes.
10. If agreed by the parties and the arbitration court, the arbitration may be held out of the headquarters of the International Arbitration Court for Transport at locations agreed by the parties and approved by the arbitration court.
