Due to the development of free-market economy, the number of businessmen in Latvia and of various commercial contracts has considerably increased. This increase is certainly an evidence of the development of the state. However, the increase of the number of contracts alone does not in itself imply progress in legislation and improvement of the performance of contracts as well as does not directly influence the development of the system of justice and economy.
In recent years, in the newly independent Latvia, the legislation, governing civil liability relations between businessmen and residents in the field of business activities, has rapidly progressed. The new Civil Process Law is adopted comprising the procedural standards according to the current situation. By virtue of the increase in the number of civil transactions concluded and the development of the legislation, the necessity to expand the court system has emerged thus providing effective and prompt settlement of civil disputes in accordance with the existing laws.
The arbitration courts in the whole world serve as one of the forms of dealing with civil dispute settlement, thereby committing the settlement of the dispute to a third party not involved in the dispute. In many cases, arbitration courts are established on the initiative of persons belonging to a certain profession and committing the settlement of a dispute to the most outstanding specialists representing this profession, the opinion of whom is respected and observed by all parties concerned. As the most essential benefits in this settlement of disputes, the following can me mentioned: the speed of the dispute settlement; the competence of arbitrators, confidentiality of the dispute settlement, i.e. when the confidential information concerning the dispute is known only to the parties involved and persons settling the dispute.
The fundamental objective of the arbitration court is to ensure the passing of a correct judgement corresponding to the provisions of the law. The judgement of the arbitration court cannot be appealed, therefore the services of the arbitration court are chosen by companies and persons who desire to be fair in relations with their partners and are eager to do everything in order to fulfil the engagements under the contract.
The arbitration court hears cases only in one instance and thereby the hearing of a case lasts not longer than a couple of months. This condition is particularly significant in business activities because timely resolution of a dispute also secures prompt continuation of business operations without freezing assets unnecessarily.
The Rules of the Baltic International Arbitration Court are formed in accordance with the Civil Process Law of the Republic of Latvia, the UNICITRAL Arbitration Court Rules developed by the UN International Trading Rights Commission and a number of international conventions related to arbitration thus ensuring dispute settlement in conformity with international trading requirements.
The arbitrators of the Baltic International Arbitration Court are highly professional and have the higher juridical education. They also have acquired wide practical experience in courts, prosecution offices, advocacy and in the development of juridical theory. All the arbitrators are lawyers, economists, who professionally deal with legal and economic matters. Therefore, when settling a certain dispute, it is possible to invite exactly the arbitrator who is the best expert regarding the legislation and practice related to the particular dispute. As a specific factor, differing from other arbitration courts operating in Latvia, the following should be mentioned - the list of arbitrators of the Baltic International Arbitration Court includes arbitrators from the countries of the Baltic region, such as Estonia, Lithuania, Sweden, Finland and Russia, which all are united by various economic activities, thus comprising a considerable part of the Latvian foreign trade. Therefore, in the case of necessity, it is possible at the Baltic International Arbitration Court to hear disputes in all the languages of the said countries as well as in conformity with the laws governing in these countries. Furthermore, the Rules of the Baltic International Arbitration Court provide that, if necessity, interpreters and other specialists can be invited thus securing the dispute settlement also with any other person registered in the member state of the New York Convention and observing international law standards.
Baltic International Arbitration Court
Chairman of the Presidium