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What is an Arbitration Agreement
An arbitration agreement is an agreement between parties to submit to arbitration a contingency, conflict or divergence arising within a contractual or non-contractual legal relationship.
This means that the parties agree that the resolution of the dispute will be made by arbitrators, not by judges, but for this agreement to be valid it must meet certain requirements. The current Arbitration Law 60/2003 of December 23, 2003 establishes the rules on the basis of which such arbitration agreement must be drafted.
What are the main requirements of an arbitration agreement?
First of all, let us remember that disputes relating to materials over which the parties have free disposal according to law, i.e. which are economically quantifiable, may be submitted to arbitration.
Thus, the arbitration agreement may provide that any matter arising from the contract or main relationship be submitted to arbitration (within the limits mentioned in the preceding paragraph), or that only certain matters be submitted to such out-of-court proceedings.
The arbitration agreement must be in writing in a document signed by the parties, or in an exchange of documents, including by telematic means, stating the acceptance by both parties of the arbitration agreement.
It should be remembered that the voluntariness of submitting to this regime is an indispensable condition for its validity and the written signature stating such intention is essential.
When, how, where can we sign it?
The arbitration agreement can be signed by the parties at the same time of signing the main contract, before or after. In short at any time we can decide not to go to court in the event of a possible conflict and solve it through arbitration. .
On the other hand, the agreement may take the form of an arbitration clause inserted in any contract or be an independent arbitration agreement.
Other matters to be established in the arbitration agreement.
The language in which the arbitration will be conducted, the place where it will be conducted, who will pay for the arbitration, whether it will be in law (the arbitrators must apply the law, and at least one of them must be a lawyer), or in equity (the arbitrators will decide to the best of their knowledge and belief).
Since the last amendment of the current arbitration law, arbitration will be by default, i.e. if not expressly specified otherwise.
And who will be the arbitrator?
The parties must decide to which arbitrators they submit their problem.
In practice it is very common for the parties to submit to an arbitration institution, delegating to it the appointment of the arbitrators. It is necessary to choose the one that can benefit you the most according to your case.
It will be said institution that would therefore appoint the arbitrators (always in odd number).
Do you need legal advice? .
If you do not want to go to court and prefer the arbitration alternative, it is best that you contact a specialized lawyer. In this way, you will ensure that your matter will be resolved well, with full knowledge of the current law and the most beneficial options for your case.
Lawyers at LAWYOU will help you.
At LAWYOU we have lawyers with many years of experience who can help you or provide more information about currently applicable legislation and future changes. Do not hesitate to contact us to tell us about your case through our email firstname.lastname@example.org or, if you prefer, you can also call us on 602 226 895.